Monday, Jun 16, 2008
Equity release
BBC Radio 4: Money Box Live: Equity release: your questions
On Monday's Money Box Live, Paul Lewis and a panel of experts took your calls on using the value of your home to generate extra income in retirement, what's known as 'Equity Release'.
Posted by doomwatch @ 04:08 PM (355 views) Add Comment
3 Comments
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1. Sneaker said...
I've got some negative equity to release.
Can anyone advise?
Ha ha.
2. drewster said...
If you're retiring now and wondering whether to use Equity Release, you'd better do it now. In five years' time there won't be any equity to release.
This only makes sense if you're getting a "lifetime mortgage", the type where you don't pay anything and can stay in the house as long as you and your partner live. Make sure you can afford the heating bills - gas prices are only going up. If you have a large house you might want to downsize first, and if you have a family history of mobility problems then you might want to consider a bungalow or a ground-floor apartment instead.
(I've obviously missed a career as a financial advisor...)
3. Rental John said...
The whole idea of property as an investment or cash cow is slowly unwinding......shame there is no obvious guaranteed option.