Key Post: Equity release for elderly people

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ClubMan

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There are two such products that I know of:
<!--EZCODE LIST START--><ul><li>[broken link removed]</li><li></li></ul><!--EZCODE LIST END-->
When looking at such products pay careful attention to the charges/interest - from what I've heard they can be quite high and there may be better ways of cashing in on the property...
 
Re: Bank of Ireland "Elderly Mortgage"

Thanks for that ClubMan - it was really starting to bug me.
 
>>Equity release for elderly people

I am trying to get information on the "mortgage" that Bank of Ireland give to elderly folks - it is really more of an equity release scheme where then lend a percentage of the house, but you pay nothing until the house is to be sold or they die.

Problem is I can't remember the name of it and I can't find it on the website.

I tried looking through AAM but again when you can't remember the name of something it makes it very hard to find.

Anyone remember the name of this product?

Thanks,
Browser
 
Re: Bank of Ireland "Elderly Mortgage"

What are the suggested better methods, please?
My in-laws, both near 60, still have 10 years/€95K outstanding on a house now worth €500K.
A bit strapped for cash, they could use some good advice.
Thanks
 
Re: Bank of Ireland "Elderly Mortgage"

buy a cheaper house
 
Re: Bank of Ireland "Elderly Mortgage"

What are the suggested better methods, please?

Might be a good idea to get but here are a couple of possible alternatives:

<!--EZCODE LIST START--><ul><li>Trade "down", pocket the CGT free gain.</li><li>Have the kids buy the parents out (or make the repayments on a remortgage) but allow them to live rent free</li></ul><!--EZCODE LIST END-->
 
the better options

Thanks Clubman.
Unfortunately he already has a couple of kids still at home & rent-free.
Also, "it's me family home on family land- i'll never leave"

I'll drag him off to a financial advisor.

thanks again
 
Re: the better options

Unfortunately he already has a couple of kids still at home & rent-free.

If they're of working age then it would be reasonable to ask them to contribute to the housekeeping.
 
Re: the better options

by family home, i presume you mean inherited from grandparents etc. if thats the case, how come they have a mortgage on it
 
Re: the better options

Clubman- yes, it would seem reasonable. Won't go into the specifics here, but it's not happening.
Eamonn - no, he built it himself on previously unusable family land & feels strongly that he'd like it to remain in the family.
As said previously, I'll drag him off to an independant advisor, maybe a neutral opinion will make him see he's not helping himself.
Thanks for the input folks.
 
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