Recommendations for equity release firms please

Just a thought, have you thought of rooms in the roof? Maybe your son could pay for it and that could be taken into consideration when the time comes and your estate is shared out? He and his partner would then have the space they require and you wouldn’t have to move.
We’ve thought of equity release on our property because it needs a new kitchen and re wiring but until the Government bring in some sort of failsafe legal rules on releasing equity have decided not to do it. I appreciate it is annoying being house rich and cash poor but sometimes you just have to sit on it. Have you really thought of all that could go wrong including if you end up giving your son the most equity and he goes ahead and buys a house then further down the line they split up and she would be entitled to half of whatever house / flat they bought with your money? You would have gone through all the stress of selling up (not to mention not giving equal shares to all 3 of your children) only to end up in a flat because of someone else! Personally if it was me I’d rather consider extending my house for them than giving them cash.

Bluedaisy

Just a thought, have you thought of rooms in the roof? Maybe your son could pay for it and that could be taken into consideration when the time comes and your estate is shared out? He and his partner would then have the space they require and you wouldn’t have to move.
We’ve thought of equity release on our property because it needs a new kitchen and re wiring but until the Government bring in some sort of failsafe legal rules on releasing equity have decided not to do it. I appreciate it is annoying being house rich and cash poor but sometimes you just have to sit on it. Have you really thought of all that could go wrong including if you end up giving your son the most equity and he goes ahead and buys a house then further down the line they split up and she would be entitled to half of whatever house / flat they bought with your money? You would have gone through all the stress of selling up (not to mention not giving equal shares to all 3 of your children) only to end up in a flat because of someone else! Personally if it was me I’d rather consider extending my house for them than giving them cash.

I considered extending into the attic space many many years ago but it just wasn’t feasible for various reasons..
Thank you for your inpu
I am aware of what could happen in the future but….
I personally can’t be doing with what iffery, and leave it in the lap of the gods…😁

you wouldn’t have to move …

you would have gone through all the stress of selling up …

Where does that come from?

Shinamae is not saying that. She intends to continue living her home after having released equity from it to share with her three children and some for herself.

What you might consider, Shinamae, is whether you and your other two children have need of those 3 x £10,000 now. If the most pressing need is to help your son, consider a draw down facility where the loan company agrees say a maximum loan of £80,000. You only draw down finds when you need them. Interest is only charged on what you have drawn down.

I would suggest you speak to an independent financial advisor rather than a company that provides equity release.
My Mum took out £25k through equity release on her bungalow at 6.75% and owed over £85k when we sold it to pay for care home fees.
So I would be very wary and seek financial advice first.

Jules59

I would suggest you speak to an independent financial advisor rather than a company that provides equity release.
My Mum took out £25k through equity release on her bungalow at 6.75% and owed over £85k when we sold it to pay for care home fees.
So I would be very wary and seek financial advice first.

Thank you….

I have an independent financial advisor coming to my house on Wednesday
The first meeting will take about an hour and a half to 2 hours apparently and they’ll be no charge for that
I did approach a local IFA and he wanted £600 upfront just in case I didn’t go through with it and he said it would be 12 hours work and then when I questioned that he said well eight hours at least😵‍💫😬

Shinamae

I have an independent financial advisor coming to my house on Wednesday
The first meeting will take about an hour and a half to 2 hours apparently and they’ll be no charge for that
I did approach a local IFA and he wanted £600 upfront just in case I didn’t go through with it and he said it would be 12 hours work and then when I questioned that he said well eight hours at least😵‍💫😬

I also have an estate agent coming on Tuesday to give me a price obviously if I go ahead, the company will want to send their own representative