Equity release

Wellard | 10:11 Wed 07th Mar 2007 | Business & Finance

2 Answers

I keep getting mail-shots getting me to raise money by signing my property over and getting cash now. Has anyone any personal experience of this. I did read of a reputable company who arranged this for a few people BUT with the big pitfall that they, the company, benefitted from the increase in the proprty value. I dare say that not only are there many draw-backs to these schemes in general but there must be loads of unscrupulous concerns ready to take advantage.

Although I do have descendants, I would prefer to raise some cash now and not live in poverty.

I do have an Interest-Only mortgage, say nearly �40,000 and my house may be valued at �80,000 - �110,000, so any idea how much could be raised? and just what are the conditions involved?

Any advice would be greatly appreciated