We would prefer not to downsize but comparable property would require that extra sumQ I would be interested in your opinion on a proposal my wife and I are considering. We wish to move house to live closer to one of our children but, unfortunately, they live in a more expensive area than we do. We’d prefer not to downsize but a comparable property would cost up to £100,000 more than our current house, which is worth about £360,000 and is mortgage free.We are thinking about using equity release to raise the extra £100,000 we need. I’m 76 and my wife is almost seven years younger, so on the assumption women live two years longer than men, we anticipate my wife will outlast me by about nine years. While I’m alive we should be able to pay the interest on the loan but if I die then the interest would have to come out of the equity of the property. I have calculated the interest over nine years to be about £45,000. Continue reading…
Source : theguardian.com
Read more…We need £100,000 to move closer to one of our children. Should we use equity release?
