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Single Person, Own Home, With Pension, Will Not Leave Anything To Family - Is It Worth Taking Equity ?
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Hi, situation with an old single person on a pension who has no dependants and distant relatives, owns a home outright, therefore does not want to leave the property to any family member upon death, would it be really silly to sell the property to a company and gain an income from them whilst still alive (or like a draw down where they own the property when the owner dies)? I know it's all a rip off at the moment, but what is the point of leaving a home to the state if this owner could enjoy more money in their final years. I know the property could be left to a charity, but the onus here is on providing a greater income before passing away. Suggestions please.
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For more on marking an answer as the "Best Answer", please visit our FAQ.In the above circumstances I'd have no qualms about equity release to improve my quality of life. Do the world tour and live the life of Riley. You've earned it, you spend it.
Just find the best one you can regarding interest rates, % drawdown etc. You could write a will specifying that any residual value in the property should go to a charity of your choice.
Just find the best one you can regarding interest rates, % drawdown etc. You could write a will specifying that any residual value in the property should go to a charity of your choice.
AgeUK is the new name for age concern here is the fact sheet for their approved equity releaase plans.
http:// www.age uk.org. uk/prod ucts/fi nancial -produc ts-and- service s/equit y-relea se/
These plans are specifically made for people in the situation you describe and are safe.
http://
These plans are specifically made for people in the situation you describe and are safe.
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