Lifetime Mortgage Advice please

jaller79

My ex-wife, diagnosed with spondylitis and experiencing pain, is a dedicated teaching assistant at 58. However, she's uncertain about managing this physically demanding job beyond the age of 60.

Post-divorce, she became wealthier in terms of equity, owning a mortgage-free property valued at 250k. Mortgage Free currently.

Considering her need for financial support from 60 to 67, is releasing 70,000 feasible to provide an annual income of 10,000?

Exploring options:

1. Downsizing to purchase a flat for Buy-to-Let (BTL) purposes. as noted lots of hassle.

1a. Downsixing to release the 70K

2. Consider the implications of extending the mortgage term.

3. Exploring the possibility of renting out a spare room.

4. Evaluating the option of a Life time mortgage with long term release to top up less hours of another job less physical.

Bigphil1474

Personally, I wouldn't go down the equity release road, but each to their own. Mortgage might be difficult given her age. If it was me, I'd be looking at down sizing to live in a smaller property so that she can still be mortgage free but have the equity she wants. Some local authorities also run a lodger scheme which might be of use - a younger person rents a room in the house and provides some support to the resident.
[Spondylitis is horrible, my OH has it - make sure she gets to see someone from the local hospital pain clinic, not just her GP.]

mexican_dave

Not comfortable with you looking into financial solutions for your ex-wife. Are you looking to make some claim against her or some other financial benefit for you, rather than her? Sorry, to be cynical, but this isn't a good look.

jaller79

Dave please how bad is that thought, I still care for her well being deeply we are divorced and money separated by an agreed decision.
I'm asking this for her own benefit for advice.
Sorry you think the worst of a good situation.

kimwp

mexican_dave said:

Not comfortable with you looking into financial solutions for your ex-wife. Are you looking to make some claim against her or some other financial benefit for you, rather than her? Sorry, to be cynical, but this isn't a good look.

I think this is a bit unfair, I don't think the post comes across like this at all.

I can't be much help in response to the original post other than saying that £70k is not a lot for seven years - this would be a bare essentials life with no wriggle room for replacing a broken car, white goods etc which is likely at leasr once in seven years. I'm a bit confused as to extending the mortgage term when there is no mortgage?

jaller79

mexican_dave said:

Not comfortable with you looking into financial solutions for your ex-wife. Are you looking to make some claim against her or some other financial benefit for you, rather than her? Sorry, to be cynical, but this isn't a good look.

Thats your way of thinking not mine - 

ACG

On the face of it, what you are saying makes sense. 

But that £70k if not paid monthly will continue to grow. What happens down the line if she needs care? There might not be money to pay for it.