advice for elderly relative looking at moving/equity release
Discussion
Hi I am looking for some advice or experience regarding equity release for an elderly relative.
The lady concerned is 80 and seams to be in good health after hip replacements.
She has a property worth about £180k currently maybe £200k after modernisation and no mortgage. The property could do with maybe £10k of repairs and modernisation if she wanted to release say £25k (to have some savings for emergencies) how would the repayment amount typically be calculated?
The background to this is that she has been looking to move but the houses she can find are not as desirable as the one she has and she has asked me about my thoughts on equity release. She says she looked at it previously but thought that to release £25k would cost £50k from her estate which she considered too much.
My view so far is that she should be less concerned re her estate and more about her health, happiness and well being. I can also see that her larger and mainly sound current house would be an easier sale and more likely to increase in value than the alternatives she is looking at in poorer areas so in the long run equity release may be beneficial for her estate .
I will make it clear that I am unrelated, except by marriage and will not be a beneficiary of her estate in any way.
Any links and experiences gratefully recieved
The lady concerned is 80 and seams to be in good health after hip replacements.
She has a property worth about £180k currently maybe £200k after modernisation and no mortgage. The property could do with maybe £10k of repairs and modernisation if she wanted to release say £25k (to have some savings for emergencies) how would the repayment amount typically be calculated?
The background to this is that she has been looking to move but the houses she can find are not as desirable as the one she has and she has asked me about my thoughts on equity release. She says she looked at it previously but thought that to release £25k would cost £50k from her estate which she considered too much.
My view so far is that she should be less concerned re her estate and more about her health, happiness and well being. I can also see that her larger and mainly sound current house would be an easier sale and more likely to increase in value than the alternatives she is looking at in poorer areas so in the long run equity release may be beneficial for her estate .
I will make it clear that I am unrelated, except by marriage and will not be a beneficiary of her estate in any way.
Any links and experiences gratefully recieved
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