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Chris
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Chris is offline  
Location: Lincolnshire
Joined: Jun 2006
Posts: 8,921
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20-07-2018, 04:41 PM
Good afternoon all. Nice morning out and with a lovely breeze.

Overcast now. We are supposed to get rain, but no sign as of yet.

I would never, ever consider another mortgage. It took a long time to pay it off so no way would I want another tied round my neck. I wouldn't do the equity release either. It's easy to say we'll never ever move, but nobody knows what's round the corner.

I hope the viewing goes well tomorrow Lynn.
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Losos
Fondly Remembered
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Location: Suffolk, England
Joined: Dec 2006
Posts: 10,529
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20-07-2018, 08:53 PM
Originally Posted by Chris View Post
It's easy to say we'll never ever move, but nobody knows what's round the corner.

Chris, yes, I think I'm right in saying that some equity release schemes do allow you to move but the house you move to must obviously be the same value as the one you leave so 'down sizing' is not allowed, and there are other 'small print' clauses which you may, or may not, be able to comply with.


For me it's simple, you sell between 50% and 100% of your home at a discount to the market value of apprx. 55% and have nothing (or almost nothing) to pass on to your kids.
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griff
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20-07-2018, 10:07 PM
I have never owned a home but my parents do... outright since 99...a remarkable thing in my dad's family...I believe in siblings a first and only...a few times my mum and dad have mentioned equity release...I have said straight away, sell..downsize.. don't worry about me but make yourself secure as I firmly believe equity release to be in their favour..not yours..I would rather they sell and buy a static than go equity release..I have read of so many people getting fleeced it worries me!
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