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Original poster

Equity release

1 reply

classedasarsehole · 24/10/2019 19:38

My mum needs downstairs toilet and bedroom - got attached garage so could change it to bedroom downstairs bathroom!

Selling house means she wouldn't get a bungalow - doesn't want a flat!

Was looking at equity release as mortgage paid off she is 62 and with crumbling spine!

But she only 62 and interest is high at 6.2% and could be still here at 75/80

Advice

OP posts:
Wolfff · 25/10/2019 07:19

Don’t do it. Has she seen occupational therapy or social services - can they help with adaptations?

If she does equity release she will be trapped in that house as there will be no funds for anything else. My PIL did it and now MIL is alone, suffering osteoporosis and trapped in a house that is falling apart, even the heating has broken down completely. Only option is an old people’s home but she is not ready for that.

If they had sold the house and moved to a small house or flat they would have had quite a bit of money leftover and suitable accommodation probably for life.

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