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Equity Release from Property
Hi, looking for some advice please....
I want to take out some equity of my house. I’m 46 years old. I do not have a mortgage and have no dependents.
I want to take out some equity of my house. I’m 46 years old. I do not have a mortgage and have no dependents.
I am currently unemployed due to COVID.
Can anyone advise my options? Am I able to take equity from my house?
Thank you for your help in advance.
have a fabulous day.
Thank you for your help in advance.
have a fabulous day.
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Comments
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It's probably best to have a read of some of the independent guides to equity release, which explain all of the different types. Which? have one that is quite good:At the age of 46, your options are likely to be limited, because if you live to an "average" age you will have many, many years of interest to pay on the money that you borrow that way. A better solution may be to sell the house and buy somewhere smaller, if that's an option for your specific circumstances.0
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Equity release is, in most cases, an awful product and the last resort of the desperate. It is inflexible, expensive and, for most, not the most suitable solution. What is your need for the borrowing?0
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Being realistic, being on benefits, even equity release firms aren't going to just give you cash without some serious thoughts even though they have the charge on the house0
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As well as the above, for lifetime mortgages the minimum age is 55, for a home reversion plan the minimum age is 65, so you are too young.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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Universal Credit https://www.gov.uk/apply-universal-creditMj808 said:Hi, looking for some advice please....
I want to take out some equity of my house. I’m 46 years old. I do not have a mortgage and have no dependents.I am currently unemployed due to COVID.Can anyone advise my options? Am I able to take equity from my house?
Thank you for your help in advance.
have a fabulous day.
and Council Tax Support (your local council)
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