Equity Release

[Bazile]

A lot of people are coming to the end of their current fixed deal on their mortgage .

The majority will be less than 50 yesrs old .

There is a equity release company advertising that they should take out an equity release plan .

Why would anyone in their 20/30/40/50 take out an equity release plan when you end up effectively not owning your home?

[Zacs-Master]

I'm not sure equity release is possible before you've paid your mortgage off, is it?

Many in their 50s have paid off their mortgage. The right, bona fide, equity release scheme can add a lot of enjoyment to the 'autumn years'.

[barry1010]

Which company, Baz? As Zacs states you can't release equity on a mortgaged property so coming to the end of a fixed rate is not enough in itself. If you apply whist mortgaged you must use the monies released to pay off the mortgage.
It is usually over 55s who qualify, but typically much older people apply. The younger you are the less equity you can release.
Equity release is just a remortgage with different repayment methods

[Old_Geezer]

I dislike the whole cocept of "equity release". It would be like being allowed to live in someone else's property until you snuffed it. Horrible thought, didn't scrape & save to voluntarily get into that state.

[Bazile]

I'll post the name when I see the ad next

[barry1010]

Okee dokee
I know a few people who are very happy with their equity release especially as they have no close family to leave their home to. I see nothing wrong with it if you research and properly understand it.
Old age can be blerdy expensive

[Peter Pedant]

One of the many adverts that benefit the company offering it ( only)

[carolegif]

Neighbour did this. Borrowed £25,000 to do up a property abroad. When they sold it three years later and decided to pay the loan off, it was then £40,000!

[barry1010]

It's not intended to be such a short loan, your neighbours were badly advised

[Peter Pedant]

get behind me satan !

£25k goes to £40k in three years: you were badly advised
o god that must have made them feel better

[bobbinwales]

Just wandering wheres your avatar gone Bazile??