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advice on equiy release please.
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Posts: 3,918 Forumite
hi all im on here asking advice for my nan, and have been pointed in this direction hope you can help.
has anyone done equity release or something similar and could you please help me understand it,
my nan lives in a 3 bed semi detached and has been there for yrs and does not want to move, however she does want to put in new windows and do her bathroom up and several other bits and pieces and has asked me about hese buy and rent back things and equity release, now i understand not to touch these buy and rent back schemes with a barge pole,
we have offered to help her out with these things but she wont let us as we are in the middle of doing our place up and knocking it about and getting married this year so she insists we cant afford to her help her (which we cant really but are prepared to put our decoration and extension on hold to help my nan out) also we have offered to build her her own annex down the end of the garden (yes its quite large ) so she has somewhere of her own more manageable and still independant and then she can enjoy the money from sale of her house and do things she wants to do like holidays or days out etc yet we are only up the end of garden if she needs us or wants company but she really doesnt want to leave her place.
so any advice appreciated, thankyou
has anyone done equity release or something similar and could you please help me understand it,
my nan lives in a 3 bed semi detached and has been there for yrs and does not want to move, however she does want to put in new windows and do her bathroom up and several other bits and pieces and has asked me about hese buy and rent back things and equity release, now i understand not to touch these buy and rent back schemes with a barge pole,
we have offered to help her out with these things but she wont let us as we are in the middle of doing our place up and knocking it about and getting married this year so she insists we cant afford to her help her (which we cant really but are prepared to put our decoration and extension on hold to help my nan out) also we have offered to build her her own annex down the end of the garden (yes its quite large ) so she has somewhere of her own more manageable and still independant and then she can enjoy the money from sale of her house and do things she wants to do like holidays or days out etc yet we are only up the end of garden if she needs us or wants company but she really doesnt want to leave her place.
so any advice appreciated, thankyou
now proud mum to 3 handsome boys :j latest one born 10/10/11:j
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Comments
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Don't know about equity release - but has she tried contacting Care and Repair? My parents are having their bathroom completely redone to enable them to carry on living in their own home. Friends of mine have also had a leaking flat roof repaired and some new windows fitted.0
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I would say be VERY careful !
This gives some (hopefully) unbiased info.
http://www.helptheaged.org.uk/en-gb/AdviceSupport/FinancialAdvice/Investments/0 -
no havent tried care and repair, will do though thanks for that, some very interesting read in that link moonrakerz, will get my nan round to have a look with me and try and get her to iunderstand it all, fun and games lol.x
thanks again for your helpnow proud mum to 3 handsome boys :j latest one born 10/10/11:j0 -
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