Business & Finance

equity release on your home

Has anyone done this or know anyone who has done this? Do you think it's a good idea?

green dragon Mon 30/06/08 22:32

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buildersmate
Tue 01/07/08
07:44

In terms of your second question, it depends what you want the money for. It's a loan secured against your house, the same as any other. For older people, such a loan is typically made available to give the person a capital sum on which they can live, so the loan is not repaid until after death when the house is sold and part of the proceeds used to repay the loan plus interest.

raysparx1
Tue 01/07/08
14:21

I did it a few years back, when my overdraft was getting bigger and bigger, I was renovating two cottages at the time, so I took out an equity release, over 10 years, the good thing is you can pay it back quicker as you don't have to just pay the normal payments and it is far cheaper than a loan as it is lent at the same rate as the mortgage rates.

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