Equity Release
Watch this postHi - I just wondered if anyone had tried Equity Release and if so, what did you think about it. Thanks.
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If you want to leave a legacy to your children its not a great idea, personally I take the view nobody left me anything and I have lived a very happy life.
Probably a bit different for me as my son has a very well paid job and doesn't need my money I have talked it over with him and he's opinion is enjoy your money I don't need it and you can’t take it with you.
As far as being ripped off for interest goes you owe nothing until you die and you are certainly not going to care then.
I would think if you really need the cash then the draw down option is better, you get a maximum limit which you can draw against as and when you need to and you only pay interest on the money you draw.
You could also consider downsizing your home.
If you took it out at 70 and lived until 90 then you should still only be paying back less than half of your properties value, assuming it is around the value of mine which is £400K.
You need to check out your needs, what options are available, don't know your age, but factor in your potential life span etc., and take legal advice.
If it is done properly, there is a limitation as to the amount you can release from your home, and for myself, I would be looking at draw down not taking the lot, so I can take what I want, when I want up to an agreed limit. You cannot lose your home, and if one of you dies, then the home remains with that person until their death - then the ER company takes their cut out of the sale price of the house. It could mean nothing being left as an inheritance, but as there is only me and my husband, then that is not a problem.
Check everything out properly as you need to know you and your husband will be secure.
http://evolvepolitics.com/not-content-ruining-peoples-lives-theresa-may-wants-sickeningly-exploit-peoples-deaths-now/