{"id":127007,"date":"2022-06-13T13:00:10","date_gmt":"2022-06-13T06:00:10","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-need-100000-to-move-closer-to-one-of-our-children-should-we-use-equity-release\/"},"modified":"2022-06-13T13:28:26","modified_gmt":"2022-06-13T06:28:26","slug":"we-need-100000-to-move-closer-to-one-of-our-children-should-we-use-equity-release","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-need-100000-to-move-closer-to-one-of-our-children-should-we-use-equity-release\/","title":{"rendered":"We need \u00a3100,000 to move closer to one of our children. Should we use equity release?"},"content":{"rendered":"


\nWe 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\u2019d prefer not to downsize but a comparable property would cost up to \u00a3100,000 more than our current house, which is worth about \u00a3360,000 and is mortgage free.We are thinking about using equity release to raise the extra \u00a3100,000 we need. I\u2019m 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\u2019m 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 \u00a345,000. Continue reading…
\n
\nSource : theguardian.com
\nRead more…We need \u00a3100,000 to move closer to one of our children. Should we use equity release?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We would prefer not to downsize but comparable property would require that extra sumQ I...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-127007","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-x2v","jetpack-related-posts":[{"id":181,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-parents-want-to-downsize-but-can-they-move-their-lifetime-mortgage\/","url_meta":{"origin":127007,"position":0},"title":"My parents want to downsize, but can they move their lifetime mortgage?","date":"November 12, 2015","format":false,"excerpt":"\r I am also concerned about what will happen if their new property is valued at less than their current homeQ My parents took out an equity release lifetime mortgage in 2005. I believe the sum was \u00a330,000. They are now looking to downsize and move nearer to where I\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8096,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/diana-clement-eight-reasons-to-downsize-your-home\/","url_meta":{"origin":127007,"position":1},"title":"Diana Clement: Eight reasons to downsize your home","date":"March 16, 2016","format":false,"excerpt":"\r Is your home big enough to be an aircraft hangar at Motat? Modern New Zealand home-buying culture is to go big every time there's some \"spare\" equity in our homes to extend the mortgage with.Not everyone needs a Hummer home. Sometimes...\r \r Source : nzherald.co.nz\/Property\r Read more...Diana Clement: Eight\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116475,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/equity-release-debt-is-growing-can-i-apply-for-mortgage-holiday\/","url_meta":{"origin":127007,"position":2},"title":"Equity release debt is growing \u2013 can I apply for mortgage holiday?","date":"May 18, 2020","format":false,"excerpt":"\r Reader thwarted by lockdown from selling mother\u2019s home to pay for her care home costsQ My mother took out a lifetime mortgage for equity release in 2011. The amount borrowed was nearly \u00a3100,000 (about half the value of her home at that time) at a rate of interest of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99244,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/downsize-in-style\/","url_meta":{"origin":127007,"position":3},"title":"Downsize in style","date":"October 6, 2018","format":false,"excerpt":"\r The last owners of this single-level penthouse apartment two blocks from Kohimarama beach faced a common challenge before buying here \u2014 wanting to downsize from a multi-level family home but not wanting to feel cramped.But this...\r \r Source : nzherald.co.nz\/Property\r Read more...Downsize in style","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107481,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/young-brits-more-likely-to-downsize-homes-than-older-generations-study-says\/","url_meta":{"origin":127007,"position":4},"title":"Young Brits more likely to downsize homes than older generations, study says","date":"May 25, 2019","format":false,"excerpt":"\r Young people in the U.K. are four times more likely to downsize their homes this year than those aged over 55, a new study found.\r \r Source : cnbc.com\r Read more...Young Brits more likely to downsize homes than older generations, study says","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122453,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-to-downsize-your-property\/","url_meta":{"origin":127007,"position":5},"title":"How to downsize your property","date":"October 8, 2021","format":false,"excerpt":"\r Empty nesters must consider personal and social issues as well as money and tax\r \r Source : ft.com\r Read more...How to downsize your property","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/127007"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=127007"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/127007\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=127007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=127007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=127007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}