Equity release - Joint ownership

RobP66

Hi, I own a half share of my house with my sister owning the other half (we inherited the property from our parents. I live in the house and my sister lives in her own home.

I was looking into equity release but was told by the broker I contacted that it wouldn't be possible as both owners weren't living in the house. My sister is happy to go ahead with equity release so that's not a problem.

Does anyone have any advice or information that could point me in the direction of getting equity release or is this actually a dead end considering the situation?

Thanks,

Rob.

dimbo61

Do you want to get a mortgage to buy your sister's share of the house

Linton

Are you really talking about Equity Release where the loan is repaid from the sale of the house when you die/enter a care home and the interest payments can be rolled up into the loan?  Or just a mortgage?

How old are you? For ER you need to be at least 55 and to get a wide range of deals, over 60. 

MWT

RobP66 said:

Hi, I own a half share of my house with my sister owning the other half (we inherited the property from our parents. I live in the house and my sister lives in her own home.

I do not believe it will be possible to proceed with equity release on a property where there are 2 owners on the deeds but where only one regards the property as their main residence.

The only way around it would be to remove your sister from the deeds, which obviously raises its own set of complications and risks...

RobP66

Hi, thank you all for your input. It does seem to be a bit of a dead end. Never mind, it was just a thought :-)

Thank you all again,

Rob.