Would the kids be willing and able to subsidise the payments?
thanks for reply...but they are struggling with mortgages etc so last thing I want to throw at them...trying to find a different workable option
nobody else. I appreciate your concern but really I posted here looking for some advice of any financial mechanism where I can get the issue straightened out for next few years without involving family. If that's not a possibility then will have to rethink.Fair enough, but €850 split between a few people isn't as big an issue. And it's for everyone's benefit ultimately. Is there anyone else that could help?
nobody else. I appreciate your concern but really I posted here looking for some advice of any financial mechanism where I can get the issue straightened out for next few years without involving family. If that's not a possibility then will have to rethink.
thanks Joe 90 I will investigate that possibilty with bank. House value half that but policies spot onOP perhaps you could put in some numbers.
Value of house.
Value of policies.
You are looking for a financial institution to lend you €10,200 on an interest only basis for an unknown period so the security is key.
€10k per year on a €500k house with €500k of life assurance is a no brainer.
thanks all for comments. I have been told that it is possible to sell a whole life policy for cash. Apparently it is not unusual in USA. Does anyone know of a company in Ireland/EU who wil do a deal for cash and take over repayments as the beneficiaries? As I have 2 policies I am giving this a lot of thought as a decent cash settlement for one could finance the other..Are any of those lifetime loan/seniors money/equity release guys still in business?
I don't normally like them, but where there's a clear benefit like this, they might have merit.
Hi, I have 2 life policies covering both spouse and I for substantial amounts. the current combined bill c. E850/month. Premium very high and finding payment impossible as now both living on illness benefit (both significant health problems) plus a small pension - (due state pension 2017 -too old to remortgage and couldn't fund anyway) Both are 'all of life' not term policies. Extremely reluctant to let either go as amount we have paid in over the years is equivalent of payout at this stage - and cannot walk away and let insurance company away with all the cash we have paid in - as it is only thing surviving partner will have and then pass on to kids. Is there a possibility/probability that some sort of deal could be worked out with a financial institution to loan against policy -maybe if they took up the payment on one or both policies for next say 5-10 years - one of us will probably have passed on by then ....or to get even consider a loan with these as collateral in our current financial circumstances ?
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