MC 55 FUN
Free Member
- Feb 18, 2016
- 3,432
- 6,347
- Funster No
- 41,707
- MH
- 2015 Majestic 195
- Exp
- Since 20th Feb' 2016
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In the paper today,
A women had taken out an equity release 15 years ago with a major bank for 20k to renovate her kitchen
She died aged 80 and the daughter was sorting out the estate and found out that the loan had gone up to 115k!!
The property was worth 220k
This was a major high street bank that no doubt forgot to tell her what the cost would be.
£100k equity release - compound interest is horrendous.
The illustration below ignores any fees and is based on 5%apr (approx. current equity release rate)
Real figures may be slightly lower as you're unlikely to take the full £100k in yr1 (but fees added at the beginning may make it worse )
View attachment 113405
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if you have medical needs or a mental problem ,like dementia they cant make you pay.
plus you can transfer the property to the kids etc before you go in a home .
use the rules to suit you not them .
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Another option is to move to a cheaper area where you get more 'house' for your money so you can get similar to what you have and still have cash in hand at the end.
yes they do try and take it . you have to fight them with the rules .Sorry but that is wrong ...in England anyway. Both my mum and dad had both alzheimers and cancer ... the council took everything to pay for care .. pension, private pensions, widow's pension ... anf finally house to pay for the amount over and above what they had taken and charge.
They allowed £20 per week to pay for toiletries, hairdresser, chiropodist, clothes and in my case food that mum needed as she could not eat what they gave her.
Not read all the thread so apologise if duplicating.
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not if you have mental or medical problems . the reason for going into care .
there really arent anytime limmits on care and transfer but if its a year or 18 months you win .
unfortunately many just dont fight . thety give in and dont check out the rules .
all i can say is my brother and i fought our local authority and won .I fought and made myself ill. There is care and nursing care ... alzheimers is just care.
it is very tiring and can be very upsetting to keep going to meetings and they do try to make you seem dishonest . but it is possible if you are capable . its hard getting independent specialists to do reports and some do charge alot . cost us about 3 grand . but it was worth it in the end .all i can say is my brother and i fought our local authority and won .
i found they lied and tried their best to not accept the outcome but in the end they lost.
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Our kids earn a darned sight more than we ever did so no plans to leave them anything. I'd like to spend my last £ on the way to the cemetery
Don't get me wrong
Money is LOANED WITH INTEREST
You are losing from the minute you sign
To move to a smaller prem later
You will have to pay that debt plus whatever costs prevail
You need to be desperate I'm thinking
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Still no one has come back and said they have done this. I was going to try this. But having second thoughts.
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Who pays for repairs to the building in the meantime?Well Cruiser , we have done it, and it has made a big difference to our lives, in a positive way, it suited our personal requirements. We have done ours with Aviva.
We had access to 25% of our property value, but we have not taken it all, we have no dependants, any remaining family we have do not need our money after we are gone, we can live here until we both pass on,
Then the property gets sold and Aviva have their dues, but we can never owe them any more than the property is worth.
Any money left over after the property is sold and Aviva is paid has been bequeathed to the Norfolk Wildlife Trust, we are long time members.
The interest rates are high, and the amount owing does increase as time passes, but we don't care what the property is worth after we go, because we won't be here.
Who pays for repairs to the building in the meantime?
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So cash in and set up a couple of trusts for them, and spend the restThanks for that @injebreck99 . We do have two sons . They say cash in and spend. But my better halve wants to leave them some. So I think we will have to wait a bit longer.
Who pays for repairs to the building in the meantime?
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