Equity Release

[fbg40]

Hi
Has anybody used Equity Release on their property ? Would be grateful for any info.
Many thanks
FBG40

[Everhelpful]

DON'T do it.!!!!!!!!!!

[VHG]

Bad idea !

[berniecuddles]

very very bad idea!!

[VHG]

Why they are a bad idea

http://www.theguardian.com/money/blog/2013/mar/16/equity-release-older-people-cash

Just search under "Equity release problems"

[woofgang]

I know a couple of elderly couples who have done it and are happy with the outcome. They went into it very carefully, discussed it with family members and dealt with all the "what ifs" before going ahead.

[ubasses]

Do you mean equity release to be repaid alongside your mortgage or a lifetime loan to be repaid on sale of property or death?

[woofgang]

mmm just read the article. The release plans the people who I knew did were set up to pay back out of the estate after the death of both. It was a while ago when the house rices were rising more than they are now. I am not sure if that kind of plan is even available any more.

[fbg40]

Thanks for all the prompt replies.
FBG40

[hellywelly4]

Hello. Just seen your previous post. I did e/r several years ago and have helped my daughter who was struggling financially and also bought a new car for myself which I could never have done otherwise. Yes, it did cost quite a bit to set up, mine is with Aviva. I didn't do enough research and friends got theirs much cheaper through Saga. But I would say - go for it, you can't take it with you and the children will spend it when you're gone anyway!!

[fbg40]

Thanks Hellywelly4 - great name !!
FBG40

[Peter Pedant]

Debts double in 7 y or thereabouts at compound 7%

so equity release is a bad idea- what you should think of it is a mortgage and only pay hte interest - that way the capiral sum does not spiral
There are some products available

othrewise dont do it !

[fbg40]

Thanks for the responses.
fbg40