Hi all
I have a unusual query which I hoped someone here might have advice on or experience of.
I will be 60 years of age in a few month's time. I took out a 25 year mortgage 13 years ago in 2001, quite late in life for such a long-term mortgage. Obviously I therefore have 12 years remaining. The mortgage was for €146,000 and I still have €90,000 remaining to pay. I will be 71 years of age when I have finally paid off my mortgage.
I'm currently unemployed. I have been for some time and as time passes it looks less likely that I will be getting a good long-term position. I am single with no intention of getting married at this stage. I have brothers but we are not really a close family.
I have, therefore, been considering contacting my bank and offering to give them back my house on my death if I can arrange to have my mortgage paid off now and also a cash sum given to me. At present my house is worth approx. €150,000.
Does anyone have any experience of this kind of thing? Or even heard of a bank doing this? I just thought I'd ask around here first before approaching my bank.
Thanks in advance.
I have a unusual query which I hoped someone here might have advice on or experience of.
I will be 60 years of age in a few month's time. I took out a 25 year mortgage 13 years ago in 2001, quite late in life for such a long-term mortgage. Obviously I therefore have 12 years remaining. The mortgage was for €146,000 and I still have €90,000 remaining to pay. I will be 71 years of age when I have finally paid off my mortgage.
I'm currently unemployed. I have been for some time and as time passes it looks less likely that I will be getting a good long-term position. I am single with no intention of getting married at this stage. I have brothers but we are not really a close family.
I have, therefore, been considering contacting my bank and offering to give them back my house on my death if I can arrange to have my mortgage paid off now and also a cash sum given to me. At present my house is worth approx. €150,000.
Does anyone have any experience of this kind of thing? Or even heard of a bank doing this? I just thought I'd ask around here first before approaching my bank.
Thanks in advance.