Paying Off Mortgage

[Connemmara]

I need to pay £10,000 to pay off my mortgage in August (we have talked about this before but this is a bit different)

Now I have the £10,000 to pay it off but it will leave me very little savings.

Went to financial advisor about 2 weeks ago who has told me that I can borrow whatever I want ie perhaps 20,000 or 30,000 pay the £10,000 off and keep paying the mortgage and leaving me £20,000 better off monetary wiser off) I have no children and to tell you the truth to have a bit of paper saying that I own my house does not bother me cos the paper will be threw into the drawer).

What happens when I croak it - then house is sold eg Santander or any mortgage provider - will get their £30,000 back and if my house is worth let's say £100,000 then £70,000 will go back to my relatives I just think although I have talked over with friends too - I just feel why shouldn't I have the money in my pocket while I am alive - after all I am not going to enjoy the £70,000. Any advice please or snares I would not be aware off. thanks for any advice

[Connemmara]

why say that tony av - best thing you ever did - perhaps you did have a lot of extra money over

[tonyav]

I said it because I believe it was Connemmara.

[gness]

Conn....follow Factor's advice. I have two children who will inherit my house but the money I worked for and saved for retirement will be spent on having a good time. If it turns out I need the house for care fees, so be it. If I had no children I would look at Equity Release and enjoy life with the money....now.

[hc4361]

She can't follow Factor's advice - she's too young for equity release.

[gness]

Thought you could do Equity Release from 55...must have got that wrong when I looked into it....sorry Conn.

[Connemmara]

that is what the financial advisor said it was 70 years but I am glad I am getting feed back from this cos I need to be really sure of what I am going to do - I believe you can equity release at 55 too - will be going to another financial advisor ie shop around.

[hc4361]

The younger you are when you take out equity release the less the lump sum will be.

[boxtops]

Do shop around, conne - you'll get different offers from different advisors.

Also, you say you made your will in 1994 and some of your beneficiaries are now dead - high time you made a new one then, so you can leave your money to who you want it to go to, it doesn't have to go to those nephews and nieces if you don't want it to.