Asset rich and cash poor

jl2879

Before COVID I had a small business that has been virtually bankrupted by the pandemic. We are open but trade is down my around 50%. I own and have paid off my mortgage and the house is worth approx £450k. I am 54, so not able to use the equity release scheme and am not sure it would be the best option as the interest I"d be paying would be quite high in the long run. I am trying to help my mum look after my father who has dementia and an on Universal credit of £400 at present. My home costs approx £1200 min to run. I have a small private pension pot of about £85 and I can't face moving. Can anyone advise? Thank you.

Karonher

Mostly you are saying "I". Is it you on your own or do you have other family members? I thought equity release was paid out of the sale of the house after the death of the owner. 

sourcrates

You don`t actually say what you want advice on, have you got debts to service ?

Because you haven`t given out any figures at all ?

TheAble

Your pension pot, do you mean £85,000? Or £85/month?

enthusiasticsaver

Do you mean your home costs you £1200 per month to run. How is that figure stacked up if you have no mortgage?  Is that including all your outgoings like food, travel etc?  

You do not have a lot of options but the usual ones are.  Sell and downsize.  Up your income by taking on a second job or a  lodger.  Cut costs by trimming expenditure as far as possible.