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Equity release

steve2361 · 2023-09-09 07:35:19

Hi Due to circumstances my wife and I will not be able to pay off our mortgage by November 24. I am 62 and my wife 64. We are thinking of getting equity release to pay it off. Is this a good idea. Any advice would be greatly appreciated Thanks Steve

Comments

MWT Posts: 10,792 Forumite

10 September 2023 at 8:40PM

gwynlas said:

You can probably get a mortgage to the age of 80 if you have guaranteed retirement income to make repayments, It might not be what you want to hear but if you were renting you would be making payments all your life

With sufficient guaranteed income in retirement they could get a RIO which has no term limit other than death or entry into long-term care, there are certainly options other than Equity Release (roll-up) with the right income...

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