Yorkshire Pudding Posted March 20, 2012 Share Posted March 20, 2012 Hi all My parents are considering using one of the above schemes to release some of the equity in their home, to pay off the small mortgage they have, and thereby avoid paying the interest on it. Does anyone have any experience of these schemes, good or bad? They are considering one which is linked to Age Concern UK, but would like to hear your recommendations or otherwise before they take the step of inviting a rep to visit them. Many thanks in advance Quote Link to comment Share on other sites More sharing options...
freddie Posted March 20, 2012 Share Posted March 20, 2012 Be very careful. Am in the process of sorting out my passed Aunt's estate, with an equity release involved. Headache. She did take an insurance when she took the release, that she pd every month , and it has covered the equity release bit now she's died; but every day from when she passed, the E R firm have charged the estate £12 per day, until they're paid, it mounts up quickly, so the equity needs to be paid back really fast... Lots of thought needed. Quote Link to comment Share on other sites More sharing options...
snowberry Posted March 21, 2012 Share Posted March 21, 2012 My neighbours' parents died last year. They took ER out when it must have started (1990's?) They had a lovely house in Oxfordshire but by the time all the fees were paid, there was only £17,000 left in the estate. After funeral costs, there wasn't much to go to the 3 children. I'd be very wary. MoneySavingExpert is probably a good place to start... Quote Link to comment Share on other sites More sharing options...
