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Unread 20-06-2021, 07:17 AM
luminova
 
Default Equity release

My old man is looking into this, I've spoken to a few people who just say it's a minefield of info.

So fellow Fredsters, has anyone any experience of this?, recommend any firm, the pitfalls, advantages, basically I'm asking for help for the old man as I don't want him to get ripped off.

Any advice would be really appreciated.
 
Unread 20-06-2021, 07:51 AM
Switching Off
 
Default

Would steer clear unless hes desperate for cash.
 
Unread 20-06-2021, 08:49 AM
luminova
 
Default

Why so?, this why I'm asking, have you had a relative who has been ripped off?

If so, how?

Like I said, any info would be helpful.
 
Unread 20-06-2021, 09:12 AM
The taste of syphillis
 
Default

If you can afford it remortgage and do it yourself. Get a professional valuation survey done as it always comes in lower than eager to please estate agents. Have him transfer the percentage of ownership it buys to you plus anything youíll inherit. That way youí should get a decent capital gain.
The equity release guys add interest thatíll eat into your future wedge.
If you have siblings it should cause a few decent arguments for the Craic too
 
Unread 20-06-2021, 09:34 AM
silv
 
Default

Go to a good broker. Interest rates can be as low as 2.4% and you can pay it back monthly to reduce the final lump sum.

Benefits are:
He will get money and wonít have to pay it back till heís dead or moves into care
Property price increases can help offset the loan
Interest rates are fairly low atm

Pitfalls:
You have to clear your existing mortgage with the money
The amount you borrow will generally double over the course of the loan

Just get a good broker and they will tell you if itís right for them.

Secretly, I wouldnít want my mum to HAVE to do it as Iím selfish. But, if she needed to, and it was right for her, itís perfectly safe.
 
Unread 21-06-2021, 04:02 AM
luminova
 
Default

Thanks lads, much appreciated !.
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