Hi Jess - Equity Release shouldn't be too expensive, though your parents age may be a problem. The banks might be steering them towards the schemes whereby the banks give out cash in return for a share in the property when your parents pass on. See this thread for more details[/url]. I really don't think any CU or other institution would lend you this kind of money unless they can secure the loan via a mortgage on the property. Is their any chance that your siblings could cough up say 30k each (if they have their own properties to remortgage) leaving you with a much more managable 20k to fund.Jess said:I think my parents would be agreeable to an equity release on the home, but wouldn't the bank charges be extortionist? Or maybe not? That's the type of thing I am trying to figure out.
Hi Jess - Don't forget to future-proof whatever arrangement you come up with. You never know what's going to happen to your siblings (e.g. major health problem, unemployment) that could change their attitude regarding the house. If you are going to make this a home for your and your little one, make sure you have secured your future. Consider entering into some kind of agreement with them up front along the lines laid out in this post to avoid problems at a later stage. So many families have fallen out over money/property.Jess said:I'm fairly sure my siblings will want to keep the house so there will be no pressure to sell whenever we inherit. One of them still lives there and could still be there in the long term so it would sort of be divided in two anyway which would suit. I see this as a long term living arrangement for my daughter and I and they do understand this and support extending the house for us.
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