Mewing Alive And Well

[thirdwave]

And you would think they'd have a bit of sense, having lived through HPCs, recessions and all that...

http://www.telegraph.co.uk/money/main.jhtm.../bcnhome118.xml

[Mr Yogi]

I don't know,

If all your money was tied up in your house, you were struggling to make ends meet, and you realistically had only 10-20 years left I could see how this would make sense.

Chances are you'll end up in a home anyway - If you piss your house against a wall you'll get it for free!

Edited August 18, 2008 by Mr Yogi

[Frank Hovis]

Why not? Enjoy it before the government takes it. If I had no cash I would.

And a steady flood of three-bed detached houses going straight to auction on expiry may help to restrain the next bubble.

[Bosh]

When my dad died 6 years ago my Mum was left with a fully paid up house but no money, she was not a pensioner and therefore was unable to claim a pension. She had a few thousand in debt and although 50% her council tax is paid she barely had enough to survive on.

She did not want to move out of her modest 3 bed semi ( Family home ) and with the support of the family she chose to release equity of 25k from her house.

This enabled her to pay any debts she had and gave her a lease of life that was missing since the death of my father. She now has rainy day money for when appliances break etc.

I support her monthly and when I STR in August I gave her 10k as a gift.

If she did not release equity and proudly did something for herself then I would not like to think of where she would be financially and mentally today.

You will find that equity release for the elderly is not MEWING but in most cases needed and possibly the only way they can raise any finance to live.

Post 1000 dedicated to my Mum

[Nickolarge]

My mum also struggled when my dad died aged 61. She also had a paid up house and recently at the age of 80 borrowed just over 20k against it's supposed 250k value.

Me and my sister have no problem with this. The money comes out of her estate to pay it off and the terms are probably not great but it has made her life much easier.

Edited August 18, 2008 by Nickolarge

[basildonian]

Post 1000 dedicated to my Mum

Good on you mate.

There are too many people on this website who think pensioners should somehow volunteer for voluntary euthanasia and give up the houses they have lived in all their lives to make way for some people who want it all on a plate.

Baz

[Bosh]

Good on you mate.

There are too many people on this website who think pensioners should somehow volunteer for voluntary euthanasia and give up the houses they have lived in all their lives to make way for some people who want it all on a plate.

Baz

Cheerz Baz.

This is true, too many think that all pensioners should step outside the family home drop dead and make it available to them

My old Mum lives in a modest 3 bed semi, shared drive, tiny garden and feels happy and secure. I have a sister and we both have children and we visit on a daily basis.

When we STR last August we struggled to find anywhere to live and Mum happily squeezed us and some of our furniture in for 3 months until we found a suitable rental. She babysits and looks after my sisters kids 2 hours after school and during the school holidays (and yes she reluctantly does get paid for it).

She does Christmas dinner for all of us every year and loves it (Her choice)

She may live alone but is not lonely and she she allows us to live easier lives, her house is nearly always full and above all she is our Mum.

People need to understand lots of OAP`s are not rattling around in big cold houses and in my oppinion when the shit really hits the fan in this country, family will remain valuable and supportive and you never know when you just might need a spare room and a nice cup of tea

Bosh

[chichi]

When my dad died 6 years ago my Mum was left with a fully paid up house but no money, she was not a pensioner and therefore was unable to claim a pension. She had a few thousand in debt and although 50% her council tax is paid she barely had enough to survive on.

She did not want to move out of her modest 3 bed semi ( Family home ) and with the support of the family she chose to release equity of 25k from her house.

This enabled her to pay any debts she had and gave her a lease of life that was missing since the death of my father. She now has rainy day money for when appliances break etc.

You don't get equity out of a house unless you downsize to something cheaper. Everthing else is just debt.

[Bosh]

You don't get equity out of a house unless you downsize to something cheaper. Everthing else is just debt.

Call it what you want, it worked for her. It was called equity release and as far as she is concerned she released equity from her property.

The same applies for people who claim to own a house, they only own a house when the mortgage is paid off but they allways say they `own` property.

[Wires 74]

Good on you mate.

There are too many people on this website who think pensioners should somehow volunteer for voluntary euthanasia and give up the houses they have lived in all their lives to make way for some people who want it all on a plate.

Baz

So you`d prefer inheritance/family money to go to Brown then to cover nursing fees etc , when folk have paid into the system all their lives presumably - a lot of people depend on inheritance -especially in the current climate ...

Edited August 19, 2008 by Wires 74

[VedantaTrader]

When my dad died 6 years ago my Mum was left with a fully paid up house but no money, she was not a pensioner and therefore was unable to claim a pension. She had a few thousand in debt and although 50% her council tax is paid she barely had enough to survive on.

She did not want to move out of her modest 3 bed semi ( Family home ) and with the support of the family she chose to release equity of 25k from her house.

This enabled her to pay any debts she had and gave her a lease of life that was missing since the death of my father. She now has rainy day money for when appliances break etc.

I support her monthly and when I STR in August I gave her 10k as a gift.

If she did not release equity and proudly did something for herself then I would not like to think of where she would be financially and mentally today.

You will find that equity release for the elderly is not MEWING but in most cases needed and possibly the only way they can raise any finance to live.

Post 1000 dedicated to my Mum

Nice post man. I like to hear stories like that. As welfare states grow old,and over burderned,it destroys peoples independence,in my view. The costs to run them,become to the detriment of the people. I have been recently thinking about investing in water ETF'sand any growth,I think it would be a good idea to give a good percentage to water charities,as the problems with water in the next decade cold cause a human catastrophe.

[steve99]

Good on you mate.

There are too many people on this website who think pensioners should somehow volunteer for voluntary euthanasia and give up the houses they have lived in all their lives to make way for some people who want it all on a plate.

Baz

Agreed, many greedy self serving conyo's who have had life on a plate, except for cheap houses which they are going to get sooner or later anyway either via a crash or inheritance. My parents have a small house and a state pension, there were no employee pensions of value for ordinary workers contrary to popular belief and all the rewards went to their employers, and as you say, there are many around here more than willing to take what little they have in order to satisfy their greedy ars*s.

[dryrot]

Cheerz Baz.

This is true, too many think that all pensioners should step outside the family home drop dead and make it available to them

My old Mum lives in a modest 3 bed semi, shared drive, tiny garden and feels happy and secure. I have a sister and we both have children and we visit on a daily basis.

When we STR last August we struggled to find anywhere to live and Mum happily squeezed us and some of our furniture in for 3 months until we found a suitable rental. She babysits and looks after my sisters kids 2 hours after school and during the school holidays (and yes she reluctantly does get paid for it).

She does Christmas dinner for all of us every year and loves it (Her choice)

She may live alone but is not lonely and she she allows us to live easier lives, her house is nearly always full and above all she is our Mum.

You're making me cry Lovely to hear a nice story on HPC for a change!

I agree, elderly should enjoy what they have, but they need to be mega-careful about equity-release. make sure the debt is not repayable until demise etc - or you can be asked to pay more and more interest. The small print on these things is very important and there are scams about!

[chichi]

Call it what you want, it worked for her. It was called equity release and as far as she is concerned she released equity from her property.

The same applies for people who claim to own a house, they only own a house when the mortgage is paid off but they allways say they `own` property.

How does she pay it back?

[impatient_mug]

How does she pay it back?

On these schemes you don't pay back the money whilst you're alive. The finance company take the loan plus interest out of the house when you die. I think the company will only ever lend under half the value of the property so in normal circumstances are fairly well protected.

[the_duke_of_hazzard]

I don't mean to diss people who want to stay in their homes, but isn't it a shame that we are so attached to material things? A house is just a thing you need for shelter, and doesn't need to be the place "you've lived in all your life". The stuff you really value could fit into quite a small space I expect.

I used to be so attached to my books and CDs etc until I realised they didn't make me happy and had to be lugged and stored, taking up room I could use for other things. So I sold the ones I wouldn't need and buy back the things I genuinely miss. I was nervous of this at first but have ramped it up over the years and haven't regretted it at all. I sell anything no longer useful to me on ebay, which beats simply chucking it (which feels wasteful).

I look at my parents-in-law knocking around their 5-bed house, filled with stuff they will never use again and wonder what they are so attached to.

Even the wife is know converting to the idea of renting. You get to move around to placed you want and don't get stuck in a rut. Life is for living. It's being poor that sucks, not moving per se.

[The Spaniard]

Cheerz Baz.

This is true, too many think that all pensioners should step outside the family home drop dead and make it available to them

My old Mum lives in a modest 3 bed semi, shared drive, tiny garden and feels happy and secure. I have a sister and we both have children and we visit on a daily basis.

When we STR last August we struggled to find anywhere to live and Mum happily squeezed us and some of our furniture in for 3 months until we found a suitable rental. She babysits and looks after my sisters kids 2 hours after school and during the school holidays (and yes she reluctantly does get paid for it).

She does Christmas dinner for all of us every year and loves it (Her choice)

She may live alone but is not lonely and she she allows us to live easier lives, her house is nearly always full and above all she is our Mum.

People need to understand lots of OAP`s are not rattling around in big cold houses and in my oppinion when the shit really hits the fan in this country, family will remain valuable and supportive and you never know when you just might need a spare room and a nice cup of tea

Bosh

Thanks Bosh for a couple of cheerful positive posts.

Sounds like you have a lovely family who know what is important in life.

[Wad]

When my dad died 6 years ago my Mum was left with a fully paid up house but no money, she was not a pensioner and therefore was unable to claim a pension. She had a few thousand in debt and although 50% her council tax is paid she barely had enough to survive on.

She did not want to move out of her modest 3 bed semi ( Family home ) and with the support of the family she chose to release equity of 25k from her house.

This enabled her to pay any debts she had and gave her a lease of life that was missing since the death of my father. She now has rainy day money for when appliances break etc.

I support her monthly and when I STR in August I gave her 10k as a gift.

If she did not release equity and proudly did something for herself then I would not like to think of where she would be financially and mentally today.

You will find that equity release for the elderly is not MEWING but in most cases needed and possibly the only way they can raise any finance to live.

Post 1000 dedicated to my Mum

My mother in law would be in exactly the same position if my father in law died. However, they have been on 5 holidays (YES 5 HOLIDAYS) this year and are thinking of buying a new car. Many of their friends are in the 60 and 70s and still have mortgage debt and several store and credit cards all maxed out. .

Bosh's generosity to his mum is very understandable but - why did she have debt at her age? Why so so many old people have debt at their age? It is very worrying.

I do believe the debt among the elderly population is the next big credit crisis to hit. MEW for many is the only way they can keep their lifestyles going and I fear that is only covering up or putting off the day when debt overwhelms many of them. Surely anyone who has past retirement should not have debt at all - as they have no capacity to pay it back other than sell or MEW their home.

Bosh - please do not take this as a criticism of your mother - it is not meant that way at all. It is an interesting real story you tell and it illustrates a much wider issue.

Edited August 19, 2008 by Wad

[Nickolarge]

Call it what you want, it worked for her. It was called equity release and as far as she is concerned she released equity from her property.

The same applies for people who claim to own a house, they only own a house when the mortgage is paid off but they allways say they `own` property.

That's what I thought. I know there are plenty here who think of borrowing as some sort of sin and interest takers as the Devil's henchmen but sometimes it is the correct course to take.

I had no spare cash to help my mum out and losing a small percentage of my inheritance is not something that bothers me.

[Wad]

You don't get equity out of a house unless you downsize to something cheaper. Everthing else is just debt.

I also agree with you ChiChi. See my post in reply to Bosh above. Why are old people getting into debt?

They seem to have houses that have gone up in value a lot. I know it is tough for a very old person (say in their 80s) to sell and move but when people are in their late 50s and early 60s would it not make sense to move early when you are still fit and well, downsize and get a smaller place thats easier to manage with no debt to worry about?

I keep pushing my parents and my parents in law to think about this issue but they just seem blind to it.

Edited August 19, 2008 by Wad

[impatient_mug]

I also agree with you ChiChi. See my post in reply to Bosh above. Why are old people getting into debt?

They seem to have houses that have gone up in value a lot. I know it is tough for a very old person (say in their 80s) to sell and move but when people are in their late 50s and early 60s would it not make sense to move early when you are still fit and well, downsize and get a smaller place thats easier to manage with no debt to worry about?

I keep pushing my parents and my parents in law to think about this issue but they just seem blind to it.

The point is they don't have to worry. Take the following choices:

1) Stay in current place you've lived in most of your life, where all your memories are and where everything is just how you like it. Pay for this by signing the house away to a finance company in exchange for 50% of it's value with no repayment to make until death. Kids loose out on some inheritance that they probably don't need given they're in their 40s. End result - old person happy, middle aged person has to pay for their own car.

2) Put the house on the market. Deal with EAs trying to con you because you're old. Have to look around places until you find one you like. Put up with the stress of the selling process (failed chains etc). Have the expense of moving, as well as the emotional aspect of moving away from your friends and family. Deal with all those utility suppliers, faults with the new property etc...

If I were in my 70s and was faced with the above choices, I'd take option 1. If my parents decide to do the same, I wouldn't moan about the fact I may have to save for my own damned sports car.

Not right for everyone, but I can understand why people do it, and depending on circumstances I'd be tempted to do the same.

[Bosh]

Bosh's generosity to his mum is very understandable but - why did she have debt at her age? Why so so many old people have debt at their age? It is very worrying.

Bosh - please do not take this as a criticism of your mother - it is not meant that way at all. It is an interesting real story you tell and it illustrates a much wider issue.

No probs Wad,

My Mum went into a dark place after my father died and seemed to get some respite in buying dark furniture ( I know it`s sounds odd). She got into those awful catalogue magazines shoved through the letter box and before we knew it she was prescibed huge doses of Seroxat ( Anti-depressents).

We did not find out about the pills for months.

She had lots of family support but when people are in a low dark place like that, even your best intentions and direct actions are futile.

She came out the other side and came off the pills and with everyones help decided to make a life for herself. She was entitled to half my dads pension which comes in at 140 per week but was not entitled to anymore benefits other than £10 a week for something or the other.

She had credit card bills to the amount of 3k after her dark period.

She now gets state pension and with ER and my sister chipping in and my 10k ( Which in reality was in mind a return of the 10k my parents gave me towards my marriage and home) she is now winning again.

She did equity release with Sun Alliance and we went through my company solictor with the finer details and to be honest I thought the terms were very fair and way inside the safety zone.

Regarding inheritance. I would not enjoy taking a lump sum after watching my parent/s in borderline poverty for the years they have left.

She has now learned how to use a computer and does internet banking and sends me rude emails

Bosh

[VedantaTrader]

I don't mean to diss people who want to stay in their homes, but isn't it a shame that we are so attached to material things? A house is just a thing you need for shelter, and doesn't need to be the place "you've lived in all your life". The stuff you really value could fit into quite a small space I expect.

I used to be so attached to my books and CDs etc until I realised they didn't make me happy and had to be lugged and stored, taking up room I could use for other things. So I sold the ones I wouldn't need and buy back the things I genuinely miss. I was nervous of this at first but have ramped it up over the years and haven't regretted it at all. I sell anything no longer useful to me on ebay, which beats simply chucking it (which feels wasteful).

I look at my parents-in-law knocking around their 5-bed house, filled with stuff they will never use again and wonder what they are so attached to.

Even the wife is know converting to the idea of renting. You get to move around to placed you want and don't get stuck in a rut. Life is for living. It's being poor that sucks, not moving per se.

Thought provoking post...I have to say I like my books and CD's,music collection. I find I like to refer back to my books and my music evokes memories. I know what you are saying about material attachment. This bookVedanta Treatise

I spent a lot of time in India. I learnt alot there. Our petty triffles and worries seem so inconsequential when viewed from outside one self. I spent time in a beach hut, on a very quiet part of the southern Indian coast line. I had no windows, and my floor was the sand. It was made from bamboo. The beach was ten metres away. A Tibetan guy cooked for us, and it was an altogether great experience. I didnt wear socks for months and walked bare feet alot, it was very relaxing, and an introspective time. The Indians have a wondeful disposition to let go. I read lots of books etc,played guitar...real hippy stuff...however, the above link to this book, which my name on this forum comes from was a real inspiration. It goes into the science behind attachment, and how to detach from the outcome, yet be fully engrossed in each activity. It clears the intellect, leads to a sharp focused mind, release from strains and worries, and the philosophy teaches you how to apply this in this life now today. It is an experimental philosophy, where you are lead to your own conclusions. It assimiliates objectivity. Its truth is its own authority...I m certainly a much more able person in dealing with things in a very calm way. I highly recommend this book. It is scientific and deep beyond intellectual comprehension. That was 6 years ago, since that time, I have devoted a good deal of time to the study of this...and it truly has been a life changing adaption.

"The law of life is that the mind should be at rest

while the body engages in action."

[Blue Peter]

The point is they don't have to worry. Take the following choices:

1) Stay in current place you've lived in most of your life, where all your memories are and where everything is just how you like it. Pay for this by signing the house away to a finance company in exchange for 50% of it's value with no repayment to make until death. Kids loose out on some inheritance that they probably don't need given they're in their 40s. End result - old person happy, middle aged person has to pay for their own car.

I was thinking that surely this is the strategy that all older people ought to be doing now? Property is near an all-time high. Cash in now and take that equity out, and leave the price falls for the finance company to worry about. What could be better? It's the ultimate STR really, with no worry that the landlord will want to sell before you want to go

Peter.

[the_duke_of_hazzard]

Thought provoking post...I have to say I like my books and CD's,music collection. I find I like to refer back to my books and my music evokes memories. I know what you are saying about material attachment. This bookVedanta Treatise

"The law of life is that the mind should be at rest

while the body engages in action."

I think having kids and moving a lot has accelerated this process for me. I've lived in about 40 different abodes in my life in several different countries for over a month in one stretch and I think it's had an affect on my attitude to things.

I used to fantasize about having a lovely bookcase with all my books, displaying to the world/visitors what a cultured and intelligent person I am, which I now feel embarrassed about.

Of course, my new austerity is morphing into a different kind of vanity ("look at how simply I live, aren't I better than you materialist lot") so I have to watch out. But it's so much more practical - and means I have more money to do what I want with my life with...

Since I've had children, I'm much more focussed on helping them develop, and having lots of (grown up) books around just gets in the way (they have a ridiculous number of books - but they actually use them). I still have a lot of my old books though, and am fighting to cut them down. The advent of the ebook reader means I might be able to persuade the missus to get rid of all the out of copyright stuff. Course that means buying an ebook reader. But they're shiny and cool, so that's ok.

I just want cash generating an income for me. Then I can do what I want with my life, which involves working pretty hard but at something I can get involved in on my terms.