Seriously. Can you give us details, full details. It's impossible to advice without them. Have a look at the money makeover thread to get the gist on what info you need to give us.So where are we at re the LifeLoan / Fair deal ? In simple terms a couple (60) with no family who want to preferably stay in their house, do renovations ,and have some spare cash to travel when Covid has been handled. What are the options?
I had tried to make my request simple. Don't know if this is what you're talking about, but here goes.. 60, on pup at the moment,zero savings left due to covid, don't know if business will return after covid so saw the Seniors money ad and thought about it but decided to research and someone else mentioned the Fair Deal but that just seems to pay out monthly rather than a lump sum.Asked solicitor and money advisor and both had no great knowledge/experience of Equity Release products. Want to renovate and have some holiday money as well.Don't really want to go to the hassle of moving/downsizing as local prices don't seem to be that great and renovations would give the place a new lease of life. Banks don't let you remortgage over 55, so are there any other choices left except a 'Deal with the devil' ?? (http and www before this) kisbridgingloans.co.uk/equity-release-lifetime-mortgages/equity-release-companies-to-avoid/Seriously. Can you give us details, full details. It's impossible to advice without them. Have a look at the money makeover thread to get the gist on what info you need to give us.
9. The final question you might be facing now is whether you should take out a Lifetime Loan today from the new company Spry Finance which is also known as Seniors Money?
There is nothing at all wrong with Lifetime mortgages. As I said earlier, in the UK there are at least 13 lenders providing them and 40,000 older people took out lifetime mortgages last year alone.
These loans are worth considering for the following reasons:
You should not take out one of these loans or any loan for the following reasons:
- Fixing up your home to make it warmer or more comfortable or to put in a toilet downstairs
- Helping your child get on the housing ladder
- Paying for health expenses not covered by insurance
If you are not paying for these with cash, then say “I can’t afford it.”
- To buy a new car
- To go on holiday
- To pay for a child’s wedding
- To redesign your patio and garden
- To lend to your child to clear their business debts
- To lend to your child to invest in their business
- To make an investment – it’s unlikely that the returns on the investment will cover the interest rate
But if you do need to fix up your home, see if there is any other way to do it
I don't think you understand what the Fair Deal Scheme is. It is for nursing home care only. It is not going to pay out anything to you. It covers the costs of nursing home care if you cannot afford itsomeone else mentioned the Fair Deal but that just seems to pay out monthly rather than a lump sum.
What is your income. What are your savings. How much is your house worth. How big is it. Does it require a lot of maintanance, will it require a lot of maintanance going forward. What renovations are you planning and at what cost. How much would a suitable house in your area cost. Do you have any borrowings/loans. Have you any money out of your income that could be used to pay down a loan.I had tried to make my request simple. Don't know if this is what you're talking about, but here goes.. 60, on pup at the moment,zero savings left due to covid, don't know if business will return after covid so saw the Seniors money ad and thought about it but decided to research and someone else mentioned the Fair Deal but that just seems to pay out monthly rather than a lump sum.Asked solicitor and money advisor and both had no great knowledge/experience of Equity Release products. Want to renovate and have some holiday money as well.Don't really want to go to the hassle of moving/downsizing as local prices don't seem to be that great and renovations would give the place a new lease of life. Banks don't let you remortgage over 55, so are there any other choices left except a 'Deal with the devil' ?? (http and www before this) kisbridgingloans.co.uk/equity-release-lifetime-mortgages/equity-release-companies-to-avoid/
Do you have any form of pension savings?2) Savings - None, paying bills off Pup
"After Covid" will be within the next 6-9 months. Why not wait until then to see if you need to do this? You won't be going on any holidays until then anyway.don't know if business will return after covid
2. What bills are you paying off.2) Savings - None, paying bills off Pup
3) House - E400-600k on similar local properties
4) 220m2 split level
5) Built '80,requires major upgrade, d/glazing, BER work,plumbing,rewiring..then it's good for ** years.....or it could be sold. I wouldn't be giving carte blanche to a builder either, can do a lot myself and I'd be aiming for the minimum to make it look good
6) Similar properties E400-800k in the area
You've very vague with figures and I've tried many times.Bills are electric /groceries and fuel, the 200k is the variation in prices around here depending on the location and condition... I'm pricing stuff I'd need, to see if putting say 50k in renovations would yield an extra 200k in the sale?? And now that we're locked down is a good time to tackle renovations before 'work' interrupts things. Why pay a tradesman 100/hr when you can do it yourself.... ?
I have pared things to the bone, and looked at all the other options but this equity release would mean that at least I'd have a house worth selling for a good price rather than a 'fire sale/fixer upper' that would benefit someone else and leave me with very little....
youve said 400- 600 k then 400-800k for value on the house. Why not go with facts. get an estate agent out to value your home and then you know where you stand. Have you a partner or are you solo. Is the mortgage paid off?
You've very vague with figures and I've tried many times.
Ask 2 or 3 Estate Agents.how is anybody to really value the house/view?
It has to be valued for the Life Loan that way too. Anyway it's clear Bren didn't come on here for financial advice as he's already decided what he's doing. Which sounds like a complete and utter disaster based on the bits of information not forthcoming.Ask 2 or 3 Estate Agents.
You haven't provided any information that might help point out what other options might be available.What are the options?