Equity release for couple in their 60s?

A

Alan.

Guest
Hello,

Is there any way to release equity on a home without repayments ?My Parents are 61 and 56 years old, they only have 5500euro left to pay on there mortgage, their house is worth approximately 250k, they want to know if there was any bank that would let them have some equity from their home until the house was sold ?

Tks

Alan.
 
Re: equity

When the AAM search is reenabled search for information SHIP/Shared Home Investment Plan, RRL/Residential Reversions Limited and Bank of Ireland Lifeloans for information on equity release products geared mainly towards elderly "empty nesters" who are asset rich but cash poor and want to release equity from their home. Bear in mind that the charges on some or all of these products are pretty hefty. Alternative strategies might include the children buying them out in part or full, trading down and pocketing the CGT free gain etc.
 
Nothing stopping parents selling part of property to siblings or siblings could arrange equity release on their own residence.
 
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