Die with Zero by Bill Perkins

poseidon1

Somebody said:

poseidon1 said:

Linton said:

To go back to the original topic - to avoid dying too rich I took 30% Equity Release from my house. Perhaps others could consider this.

On my todo list after my next move. 

 Coupled with impending IHT on pension pots, leaving substantial equity in the home is a gilt engraved invitation to HMRC to decimate my estate in extreme.

So no repayment whatsoever whilst you're still alive?  

Did you take independent legal advice before proceeding?  If so, what was the cost? 

Independent legal advice for what exactly?

 Whole point of equity release is you only repay if you feel so inclined. The nature of the product is you are forced to take legal advice whether you like or not. 

Linton

Somebody said:

poseidon1 said:

Linton said:

To go back to the original topic - to avoid dying too rich I took 30% Equity Release from my house. Perhaps others could consider this.

On my todo list after my next move. 

 Coupled with impending IHT on pension pots, leaving substantial equity in the home is a gilt engraved invitation to HMRC to decimate my estate in extreme.

So no repayment whatsoever whilst you're still alive?  

Did you take independent legal advice before proceeding?  If so, what was the cost? 

There is no repayment required for ER until you leave the house because of death or go into full time care.

Providers require you to receive positive IFA advice (not legal advice) in order to get equity release. From memory the cost was about £1K.

In my case ER interest rates at the time were very low at 3%, fixed for life, so it really was a no brainer since expected investment returns were likely to be much higher.

Linton

Linton said:

Somebody said:

poseidon1 said:

Linton said:

To go back to the original topic - to avoid dying too rich I took 30% Equity Release from my house. Perhaps others could consider this.

On my todo list after my next move. 

 Coupled with impending IHT on pension pots, leaving substantial equity in the home is a gilt engraved invitation to HMRC to decimate my estate in extreme.

So no repayment whatsoever whilst you're still alive?  

Did you take independent legal advice before proceeding?  If so, what was the cost? 

There is no repayment required for ER until you leave the house because of death or go into full time care.

Providers require you to receive positive IFA advice (not legal advice) in order to get equity release. From memory the cost was about £1K.

In my case ER interest rates at the time were very low at 3%, fixed for life, so it really was a no brainer since expected investment returns were likely to be much higher.

You will need to pay a solicitor to handle  the conveyancing side of the transaction just like any transfer of mortgage lender.