Hi Folks,
Newbie here, I have been discussing Equity Release with my old man this evening, the house is worth about €600. He feels he could make use of some of this to buy an apartment abroad, he's 67 and thinking of finishing work! I feel that compound intrest charged is just too much... I don't see the value of the house rising as quickly as the interest grows.
What are the options open to him if he, say, sold the house? traded down and decided to stay abroad a few months of the year. I mean if he had some money left how could he invest it so as to give himself an extra amount ontop of his pension each month?
I hope it's not too OT, but what are the alternatives to these types of Equity Release Products.
Regards,
Dave.