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Advice for parents needed!
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Posts: 1 Newbie
Hi all
I'm really hoping that someone can help me here!
My parents are 61 (mum) and 63 (dad). They have a £70k mortgage on a house worth approx £210k. They originally planned to work til they were 70(!), but for health and other reasons this isn't beginning to look like such a good idea.
I need advice for them: would it be possible to re-mortgage, so that they wouldn't pay it off in their lifetime, with the option for me and/or my brother to take it over when we're in a better financial position ourselves, or when they die?
They're paying £800 a month PLUS £250 life insurance which the mortgage company insisted on, due to their ages.
Any advice would be much appreciated.
It would break their hearts to sell up and move, so that isn't really an option.
I'd like to see them semi-retired at least, and able to afford a few holidays a year.
Thanks in advance! I'm sure that your combined wisdom will help me give my parents some options
I'm really hoping that someone can help me here!
My parents are 61 (mum) and 63 (dad). They have a £70k mortgage on a house worth approx £210k. They originally planned to work til they were 70(!), but for health and other reasons this isn't beginning to look like such a good idea.
I need advice for them: would it be possible to re-mortgage, so that they wouldn't pay it off in their lifetime, with the option for me and/or my brother to take it over when we're in a better financial position ourselves, or when they die?
They're paying £800 a month PLUS £250 life insurance which the mortgage company insisted on, due to their ages.
Any advice would be much appreciated.
It would break their hearts to sell up and move, so that isn't really an option.
I'd like to see them semi-retired at least, and able to afford a few holidays a year.
Thanks in advance! I'm sure that your combined wisdom will help me give my parents some options
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