Equity release

Quark_2

Could some kind soul please point me in the direction of any articles and threads about this subject on this site? I'm a little perplexed about which category it falls under

Thanks

EdInvestor

Hello Quark

I think you're in the right place, equity release plans are aka "lifetime mortgages". You borrow money against the value of your house and the interest rolls up until you die whereupon the house is sold to pay off the loan.

Is that what you mean?

djohn2002uk

I would have thought "Silver Savers".

Quark_2

EdInvestor wrote:

Hello Quark

I think you're in the right place, equity release plans are aka "lifetime mortgages". You borrow money against the value of your house and the interest rolls up until you die whereupon the house is sold to pay off the loan.

Is that what you mean?

Yep thats it. My old dear is thinking of doing it with her house and I want to make sure she gets a good deal.

djohn2002uk

Quark wrote:

Yep thats it. My old dear is thinking of doing it with her house and I want to make sure she gets a good deal.

Like I said, "Silver Savers". There are already one or two threads in there on the subject.

Quark_2

djohn2002uk wrote:

Like I said, "Silver Savers". There are already one or two threads in there on the subject.

Ta I'll have a wander along there now.

margaretclare

Your first stop should be https://www.ship.ltd.org

(Safe Home Equity Plans)

All the reputable providers come under their umbrella.

It's something that needs to be thought about carefully - are there other options e.g. downsizing? Also age of person considering this?

http://forums.moneysavingexpert.com/search.html?searchid=953720

Aunty Margaret

EdInvestor

Try this thread: quite recent and comprehensive

http://forums.moneysavingexpert.com/showthread.html?t=70304&highlight=equity+release