Did you take out equity release to live your dreams once you reached 60?

Options
DemiDee
DemiDee Posts: 524 Forumite
First Anniversary Combo Breaker
in Over 50s MoneySaving
Are you 60+ and have finally decided to live your dreams? Maybe you had to take out equity release on your home in order to do what you've always wanted to do? How did that work out? I'd love to hear from anyone who's managed to do this with a successful conclusion. 
«1

Comments

  • Socajam
    Socajam Posts: 1,238 Forumite
    First Post Name Dropper First Anniversary
    Options
    Me too
    I am thinking about this, but it would be a lot later then 60 - probably 75 if I live that long

  • missile
    missile Posts: 11,689 Forumite
    Name Dropper Photogenic First Post Combo Breaker
    edited 7 September 2020 at 5:45PM
    Options
    Me too. The fees to arrange most equity release deals seem excessive (IMHO). I don't need or want advice from an IFA and might consider a life time mortgage?

    This would be in the future as we have more than sufficient cash available at present.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • barbedhook
    barbedhook Posts: 167 Forumite
    First Anniversary First Post
    Options
    We are both 67 and are in the process of getting a life time mortgages for £30k. The lifetime rate is 2.5% the fees we have to pay are just for our own solicitor after looking at most advisors the fees were expensive so I got in touch with step change who gave me all the advice and recommended a plan which had no valuation fee and no arrangement fees and their advice was free. 
  • missile
    missile Posts: 11,689 Forumite
    Name Dropper Photogenic First Post Combo Breaker
    Options
    Sounds like a plan. Which mortgage provider did you choose?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • bellinda_2
    bellinda_2 Posts: 1 Newbie
    First Post First Anniversary Combo Breaker
    Options
    Do you have to be able to pay off existing mortgage to be eligible for equity release 
  • missile
    missile Posts: 11,689 Forumite
    Name Dropper Photogenic First Post Combo Breaker
    Options
    How much is your mortgage and what is value of your property?
    If the sums add up, you could pay off your existing mortgage by using some of the equity release funds.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • clive0510
    clive0510 Posts: 812 Forumite
    First Anniversary First Post
    Options
    I am 60 next year. I havent taken a lump sum and dont have any plans to, but nice to know the option is there. also nice to be able to leave it where it is and have bigger pension,when d day arrives. 
    I currently have a ifa on the case,as I have various pensions gained over the years.
  • 203846930
    203846930 Posts: 4,708 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    bellinda_2 said:
    Do you have to be able to pay off existing mortgage to be eligible for equity release 
    Get proper advice but just to say that my neighbour used his equity to release himself from mortgage payments, the equity company now pays the mortgage for the remaining term.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post I've been Money Tipped!
    Options
    Instead of equity release we downsized significantly in our 50's
  • Browntoa
    Browntoa Posts: 49,300 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Options
    venison said:
    Instead of equity release we downsized significantly in our 50's
    Another vote for downsizing.

    Did it 4 years ago to become mortgage free.

    I will do it again in a few years to release capital and make use of cash gifts to family while I am still likely to live the 7 years and it's unlikely to be classed as deprivation of assets
    Ex forum ambassador

    Long term forum member
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards