Equity release alternatives?

Frankiesgirl

Hi 
I am in the lucky position of being mortgage free and have no dependants to leave money to. 

However my position is slightly different in that I live in a static caravan on a plot of land I own outright amongst a small estate of 24 other such properties. 

I realise I can’t get a normal equity release but wondered if anyone had knowledge of any schemes that might provide the same service. 

It would be great to release a lump sum to take away worries over massive car or vet bills and to pay off my outstanding debts. 

Selling up and renting somewhere is not an answer as I would have to pay the rent from the capital which would therefor reduce quickly 
thank you in advance

lisyloo

How long is the lease on your static caravan? and how old are you? (roughly will do).

Is it a park home?

Do you know anyone privately who would make you a loan? A son or daughter perhaps?

Frankiesgirl

Hi. No lease. Van purchased outright new to replace the old on the land when I purchased it. 

I’m 65

Frankiesgirl

it’s not a park home. 

The plot is 25ft x 40ft approx which I purchased outright and have a residential  permit from the council. 

Family is an outside option just embarrassing asking 😊😉

lisyloo

I can see a number of issue that will make this highly problematic.

1) you're relatively young, so with average life expectancy you could live 20 years but of course it would be longer.
2) The value of the static plus land. We don't know what it's worth, but I'm guessing less than a house, so you've got less capital for someone to recoup at the end.
3) Maintenance of the structure. Houses last a lot longer so that needs to be taken into account, particularly as you may be living in it for 2 decades. Houses tend to appreciate in value. Your static won't appreciate in the same manner and may well depreciate because structurally it's not as robust or long living.
4) If there are no standard products then to make a bespoke commercial arrangement will cost you.

So personally I don't think you've got the longevity or value there to find a commercial taker.

Frankiesgirl

Thank you for your time. 

To be honest you have confirmed what I suspected . 

I guess it would be the land value alone anyway. 

I’ll have to be brave and broach the subject with my brother and wife.