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Redundant at 62.
edited 30 November -1 at 12:00AM in Redundancy & Redundancy Planning
8 replies 5K views
Hi, I was made redundant in May after 20 years of loyal service. I was given 12 weeks paid notice and statuary redundancy pay. I am due to "sign on" in September. Jobs in my field are few and far between and at the tender age of 62 the future looks bleak. I have four years left on my mortgage ( about 25 k ). If I do manage to get a job I wont be on the wage I was when I took on the mortgage. I can pay my way until Feb/March after that I have to put the house up for sale and downsize. I love my house and the area and would hate to move. My house is worth maybe £140,000 and I could buy a flat for maybe £70,000 leaving me about £45,000. I have heard of a thing called equity release and wondered if this is the way to go? I would obviously need there to be enough to pay off the mortgage but I don`t know if there would be any change left for us. With the mortgage paid I could find a job to suit my needs. Any advice would be helpful. Move or stay?