Equity Release

[rufuscat]

We took equity release on our home three years ago
but now property values have dropped by 4%,
we are facing a problem in trying to move and afford
another property if we have to repay the people through whom we got the money at that time.

Any advise, please, on where we go from here as
our rather elderly brains are unable to see the way
forward and we are worried, needing to move as
we must -the house has so many stairs which are a problem.

[Ethel]

This is a problem many people are facing - equity release is just another word for debt.

Get your house valued and get a firm figure from the equity release company of the current settlement figure.

If you really can't afford to sell your house, pay off your debts and buy another, speak to them - they may be happy to secure the debt against your new property.

[rufuscat]

Many thanks, Ethel.

Getting the place valued would be a good start
but the value changes (downwards) daily, we are
told. Will bear it all in mind, though, so when the
market stabilises we are in a position to act.

[Ethel]

If you like your house and the area, would a stairlift be an option?

It helped me stay in my home when I had mobility problems.