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I have some questions about equity release, please.

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  • Firemant
    Firemant Posts: 1 Newbie
    Third Anniversary First Post
    If you have no dependants have you thought of selling up and renting or even downsizing?


    As the OP has no descendants, presumably  like their home and location, why would they deprive themselves of this and pay VERY significant expenses to move home? Apart from the potential of home care fees, why would they be especiaally interested in preserving an estate, at the cost of their own convenience and lifestle?
  • Susieq28
    Susieq28 Posts: 2 Newbie
    Sixth Anniversary First Post Combo Breaker
    Did you go through with this and did you need to pay off your current mortgage?
    I am looking at doing equity release myself.
  • MWT
    MWT Posts: 10,273 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Susieq28 said:
    Did you go through with this and did you need to pay off your current mortgage?
    I am looking at doing equity release myself.
    In this case they did not have an existing mortgage, but if you do, then yes, it must be fully paid off, but that can be done using some of the proceeds of the equity release.
    What you cannot do is keep your current mortgage and add equity release as well. 


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