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...
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.
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
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-->
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.