Independant Equity Release Advice
Discussion
My mother is considering using equity release to get some funds out of her house and has asked me for some advice.
Problem is that finding turly independant advice on the pitfalls and problems is next to impossible on the internet!
Can anyone point me in the right direction or offer some advice?
Problem is that finding turly independant advice on the pitfalls and problems is next to impossible on the internet!
Can anyone point me in the right direction or offer some advice?
pugwash4x4 said:
The money is important- its to pay for care for my severely disabled neice- unfortunately my sister is struggling to manage in the current property they live in, and they need some help with the deposit for a new house.
So, your mother wants cash to help her daughter out - who wants to buy a better house?gsfrontera said:
Eric Mc said:
The word is "independent" by the way 
Thought this thread was about equity release, not correcting spelling mistakes of others. This is what I hate about PHOne must strive to maintain those standards for which PH is respected.
Eric Mc said:
pugwash4x4 said:
The money is important- its to pay for care for my severely disabled neice- unfortunately my sister is struggling to manage in the current property they live in, and they need some help with the deposit for a new house.
So, your mother wants cash to help her daughter out - who wants to buy a better house?My sister is currently renting- as a full time carer to my neice (with a rare genetic problem called Angelmans) she's not exactly flush and has no chance of saving for a deposit. To add the house she lives in is almost impossible for the family- my neice can't walk, talk, dress or feed herself. She is also too heavy to be carried up and downstairs- the owners of the property won't (understandably) let them make alterations to air in the care of my neice. Hence they are stuck living downstairs in 3 rooms- its a very difficult situation. I have the utmost respect for my sister and brother-in-law, who have sacrificed their whole lives to their daughter, in a way that a normal parent just cannot imagine.
Every member of our family is putting funds in, but my mother wishes to convert some of her house (on which she has no mortgage), into funds to help her daughter out.
As you can probably understand the whole topic is fraught with emotion- hence i was hoping the request could provoke some reasonable feedback.
To the previous poster- yes there are a LOT of results on google, but its almost impossibel to get a subjective view on them.
for once feel rather let down by pistonheads.........
You hadn't completely explained the situation so I apologise if I was a bit off hand.
Equity release is fraught with problems and I haven't heard very good things about it overall. With equity release, you are, in effect, transferring a portion of the net value of the property to a finance company - and they will charge you for the privelege of giving it away.
Ther only way your mother can find out about such schemes is to talk to as many providers or independent advisors as she can so she can get a feel for the various options.
Again, apologies if I came across as being a bit of a smart arse.
Equity release is fraught with problems and I haven't heard very good things about it overall. With equity release, you are, in effect, transferring a portion of the net value of the property to a finance company - and they will charge you for the privelege of giving it away.
Ther only way your mother can find out about such schemes is to talk to as many providers or independent advisors as she can so she can get a feel for the various options.
Again, apologies if I came across as being a bit of a smart arse.
pugwash4x4 said:
but my mother wishes to convert some of her house (on which she has no mortgage), into funds to help her daughter out.
As you can probably understand the whole topic is fraught with emotion- hence i was hoping the request could provoke some reasonable feedback.
To the previous poster- yes there are a LOT of results on google, but its almost impossibel to get a subjective view on them.
Decent equity release advice is very very hard to come by. As you can probably understand the whole topic is fraught with emotion- hence i was hoping the request could provoke some reasonable feedback.
To the previous poster- yes there are a LOT of results on google, but its almost impossibel to get a subjective view on them.
The vast majority of people simply dont do a very good job of it, preferring to sell the scheme theyu happen to punt.
The number of schemes available shrank rapidly over the last two year following the finance industries "little glitch".
There are as many good reasons not to do Er as there are to do it.
Oh and YHM.
Hi Guys,
yeah sorry, initial post wasn't as clear as it could have been- its only being considered in extremisas we just don't know what else to do. I got asked for advice as i'm a qualified accountant- unfortunately I'm a CIMA management accountant so i don't know much more than the average joe about personal finance
The issue with letting my mother talk to providers is that she's past 65 and isn't as forceful as she used to be- could be easily browbeaten into something she really doesn't want to do- hence the request. Like with any similar family matter, it can be like treading on eggshells talkig about money!
Scotal- thanks for Pm- YHM in reply.
Thanks
Jim
yeah sorry, initial post wasn't as clear as it could have been- its only being considered in extremisas we just don't know what else to do. I got asked for advice as i'm a qualified accountant- unfortunately I'm a CIMA management accountant so i don't know much more than the average joe about personal finance
The issue with letting my mother talk to providers is that she's past 65 and isn't as forceful as she used to be- could be easily browbeaten into something she really doesn't want to do- hence the request. Like with any similar family matter, it can be like treading on eggshells talkig about money!
Scotal- thanks for Pm- YHM in reply.
Thanks
Jim
There are lots of schemes available. It depends how much she wishes to borrow, interest only or roll up. A good adviser would sit down with the whole family and go through the options. ER has had some bad press but alot of people are doing these types of schemes now for a whole load of reasons. There are some quality companies out there and good solicitors that help with the process.
Eric Mc said:
Again, apologies if I came across as being a bit of a smart arse.
Your 'Good' far far outweighs your 'bad' Eric and you're totally correct in trying to correct the appalling standards of literacy exhibited with regularity on PH. 
If any Adult on here hates that you corrected their spelling they should either zip it or raise their game quite frankly.
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