home equity release

  polish 20:42 08 Aug 11
Locked

a family member is currently looking into equity release to raise some money iam not asking for direct advice as will looked into carefully but to help has anyone had any experience good or bad of this sort of scheme

  spuds 23:40 08 Aug 11

There can be a number of positives and negatives regarding equity, so as you rightly state that it will be looked into carefully.

I have two friends who both used various equity plans, one didn't do to bad and the other didn't fair very well. So it pays to be sure, what is being taken on.

The Consumer Association (Which) have done articles about equity, and I believe CAB have done similar. Any advice from them, would be independent and possibly free. The Daily mirror is also offering a book on equity, 'Free Mirror Guide to Equity Release by Tricia Phillips' (award winning personal finance editor). A copy of that book can be obtained by calling 0800 232 1307 quoting 'Mirror ERGuide 23' (Line open Mon- Fri 9am - 6pm). Apparently the book covers basics, pros and cons, Mirror readers case studies and commonly asked questions!.

Hope the above is of some help?.

  Forum Editor 23:53 08 Aug 11

'Proceed with caution' is the best advice

Part of your research should include looking at this site and also at this one

  wee eddie 11:51 09 Aug 11

Equity Release has received some scathing criticisms in the last few years.

MY own impression is that they are mostly justified.

  morddwyd 20:06 09 Aug 11

Pick a reputable company.

When I tried it a few years back the company advised me that it was not suitable for my circumstances, and the only package available, was not value for money (for me).

  onionskin 23:29 09 Aug 11

Wouldn't touch it with a barge-pole. Even reputable companies go bust, there's no telling who your mortgage will end up with.

  onionskin 01:07 10 Aug 11

There was a case in the news recently, I'm a bit sketchy on the details, it was something like this -

The Equity firm decided that the elderly couple were not carrying out repairs needed to maintain the value of the property, they therefore reduced the value of the income to less than the value of the loan repayments. The couple were left with a choice of paying the difference each month or taking out a loan to pay for the 'essential' repairs in order to continue living in their home. They couldn't afford either and had to sell their home, with most of the money going to the equity firm to pay off the loan.

  polish 20:22 10 Aug 11

sorry about the delay getting back (self employed) good advice as usual but will not be rushing into anything and i will check out everything mentioned thanks everyone for replys

  Clapton is God 12:20 11 Aug 11

If you're happy to borrow money at interest rates in excess of 11 or 12 or 13 percent then this is the way to go.

This thread is now locked and can not be replied to.

Nintendo Switch review: Hands-on with the intuitive modular console and its disappointing games…

1995-2015: How technology has changed the world in 20 years

This abstract video touches on division in our technologic world

Best alternatives to iTunes for Mac | Best music players for macOS: Free your music from the…