Equity release!

Double post

Edited By Mike Poole on 31/08/2019 19:42:58

Why do offspring think they are entitled to inheritance? My parents left me sod all and I don't feel obliged to leave any money to family dependents.

Interesting comments. As I have already downsized to a smaller bungalow, had a workshop built, sorted out the property to suit me, I am ok for normal living. But that leaves me with a lot of money tied up in property that when I die will be sold for either charities or the governments benefit. Wikipedia explains the various equity release options, I will check out to find the one that will release the maximum amount and anything left can be willed to charity. Having seen inside care homes whilst my mother was suffering with dementia I know that once it starts you cannot have any comprehension of what life is like outside your own little world and are at the mercy of others for everything.

There are lots of reputable companies in the equity release market, obviously in it to make a profit, just a matter of sorting out the wheat from the chaff. Having had previous experience with financial advisors I think I can do as well if not better without paying their commission. Onwards and upwards. Colin

Colin, You have a PM

Martin

What about simply selling your house and renting?

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Andrew, The figures don't stack up. Apart from the logistics of finding something with enough garage/workshop space, and I looked at renting before I bought this place, the cost of renting would be about £10k/year. Assuming another ten years of useful life that would be £100k before rent increases. I can release something like that, still own the residual value, and not have the hassle of relocating again. Basically equity release gives you some money and you live rent free in your own property as I see it.Colin

My mother 89 and mother in law 90 both live in their own properties, my wife and I and our siblings all own our houses, should any inheritance occur I feel that it would be of more use to our children who are denied the opportunity of the 100% mortgage that many of our generation benefited from. Getting £20,000 to £30,000 together and living is not easy for youngsters, I spent all my money on beer and bikes until the right girl came along and we set up home with a 100% mortgage. I think many of our youngsters could leave home and enjoy a home of their own if they weren’t tasked with a major savings millstone.

Mike

Getting off topic.

There were no 100% mortgages about in my time but I'd taken advice and stayed raesonably frugal and stuck 15% salary into assorted pension/savings policies which I eventually converted into a deposit - right in the middle of the gazumping era and mortgage rates climbing. Like other folk we survived with second-hand sticks of furniture and minimal kitchen appliances and took locum jobs instead of holidays to make ends meet. It wasn't a right for holidays abroad and weekends in glastonbury.

pgk