Just Had A Run In With A Lecky Scooter...
Society & Culture1 min ago
Do any of you think it is good! Particularly if you own your house outright. Erm what is it good for. Thanks for any answers.
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For more on marking an answer as the "Best Answer", please visit our FAQ.On a personal level I would consider it as a last resort if I needed to spend a lot of money on the house for adaptions so that we could continue to live in it, or for round the clock care if we needed it, or if one of the kids was in dreadful trouble.
I wouldn't do it for a jolly shopping spree.
Hope you are feeling much better than you was, JJ, and that you're more mobile and independent
I've read some bad things about these equity release people.
If you have a big enough house maybe sell it and buy a smaller place in the neighbourhood, leaving you cash to do what you want with, and a property for your future care home, nieces and nephews. I know someone who is doing this now.
Take proper advice first.
I'm sure many will find it useful in their particular circumstances, but unless desperate it always seemed a bad deal to me. You stuggle for decades buying your place, then opt to exchange it for a bit of cash, and live in what effectively is now someone else's place, until you die and can't leave it to the individual(s) of your choice. Blow that for a lark.
it's essentially an annuity. - it is nothing at all to do with an annuity - go and sit on the innumerate step you naught boy!
These are known to be a terrible deal - and the sum repaid is MUCH more than expected. There is no one in the category of " phew that low! I thought it wd be higher"
There ARE deals where you get the lump sum and you pay the interest each month - then you know what the repayment is at your death ( the lump sum)
Otherwise keep well away from