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Subject Topic: equity release Post Reply Post New Topic
Message posted by kbcalypso05/8/2015 at 7:10pm
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has any body gone down the route of releasing some funds from their house,
here's my scenario, i am 60 and getting fed up at work, my company pension is ok, we have been offered a house before it goes on sale through a estate agent, (near family in wales). ours will sell for roughly the same price.   i made enquiries about how much equity i could release and it would be 27% this is on a reverse mortgage, not repayable till we have both passed on. this would still leave 73% for my heir to the throne. the 27% would help me to get by has any one got any words of wisdom.

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Message posted by borntoshop05/8/2015 at 7:19pm
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Are you absolutely sure they would only take 27% at the end, or would they store up the interest payable and your nearest and dearest would find that the company take about 99%?

Not all of these schemes have a wonderful reputation. It's your money and your decision, but be certain you are clear about the end result before signing up.

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Message posted by kimmie05/8/2015 at 8:16pm
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The younger you are the less this works for you. Interest will be added to the capital you take. If you live a long time and interest rates rise your family will have to pay the 27% plus interest that could mean the whole value of the house.

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No, really?!

Message posted by david885805/8/2015 at 9:24pm
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You'll definately have to move house and change your email address now! I contacted an equity release company ONCE about 3 years ago and I now get loads of emails and junk mail very regularly from several equity release companies! You can run but you can't hide!!

Like you I wanted to kick this working malarky into touch as its interfering with my caravanning, but unfortunately it looked a lot better before investigation than it actually was so I decided to grit me teeth and work until I'm 60 (another 3 years) and then I get me penison (yey!).

Basically they said the liability would never be bigger than the value of the house but it looked to me like your heirs would cop the real cost.

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Regards

David

Message posted by David Klyne05/8/2015 at 9:58pm
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I would think very carefully about entering such a scheme as they generally offer very poor value. The advice generally is to consider other option first. These could be to work part time until you get your state pension, could you move into a smaller, less expensive house. If you look on the Age UK website there is a lot in information there.

David

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Message posted by kbcalypso05/8/2015 at 10:07pm
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yes it's 27% of the value of the property, so in years to come that 27% will be worth more then,

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Message posted by Hedgehugger05/8/2015 at 11:12pm
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Take impartial advice, and read the small print VERY carefully, especially regarding any interest charges. My folks were stung by a Barclays 'shared appreciation mortgage' form of equity release years ago, the upshot being that the bank will take a whopping chunk of the appreciated price when the house is sold. Things might be different now, but the devil's always in the detail... good luck, but don't rush into anything.

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Always edited for sloppy typing - when I spot it!

Message posted by kbcalypso06/8/2015 at 6:49am
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no i'm not rushing into it, the regs have been tightened up, as for there being no value left in the property, our daughter is better off than we are, having a good paying job. and her husband is a lazy git that can only be bothered to call round at xmas, and then he's had a drink. never been in their house in 20 years he does'nt want us there. rest of his family are good people. so as for leaving any thing behind i would not like him to gain, and after that judgement we are not allowed to leave it all to a cats/dogs home etc.

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Message posted by clbewi06/8/2015 at 2:32pm
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You can state in your will WHY you don't want a relative to inherit your money as my mum has done this in her will.



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Claire and Colin
Deers Mead, Norfolk, April 2016
Ross Park, Devon, June 2016
Bron Derw, Wales, July 2016



Message posted by kbcalypso06/8/2015 at 10:42pm
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yes but due to the recent court case this can be contested, although at cost.

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Message posted by duffs5408/8/2015 at 5:07pm
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Yes you can if you stipulate exactly why you don't want them to benefit from your will.

Not just leave them out that can be contested, but reasons why apparently are a full stop

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Duffs54      


Message posted by kimmie11/8/2015 at 2:10pm
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http://www.dailymail.co.uk/news/article-3193011/Thousands-OAPs-trapped-crippling-equity-debts-Pensioners-facing-crippling-charges-early-repayment-fine-sell-home.html

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No, really?!

Message posted by Hedgehugger11/8/2015 at 3:13pm
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The Daily Mail article refers mainly to events more than a decade ago; my parents fell into that, with their 'shared appreciation mortgage' deal. Mum's dead now, but if my Dad was to sell his house to downsize, he probaby wouldn't get enough money back from it to buy anywhere smaller. There was a group action initiated against Barclays, as a lot of people were in the same boat, some worse; but the legal eagle hired turned out to be feathering her own nest more than helping, so it got nowhere after people had put in thousands to start it off. Bad experience all round, but I think things are more tightly regulated now and the small print is not quite so small.

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Always edited for sloppy typing - when I spot it!

Message posted by tomtomfan11/8/2015 at 3:24pm
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I have been a financial adviser for over 25 years. Never recommended equity release to a client yet; in fact I have now removed them from my regulated permissions. They may be OK for a specific situation, but are rarely, if ever, good value.

Message posted by kimmie11/8/2015 at 6:10pm
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Got to be very old and about to croak for it to be of any use.

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No, really?!


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