A friend lived with her mother until she died recently. The mother had done an equity release a few years ago to provide some funds for my friend and her sister. The outstanding amount at this stage is 125k and the value of the property is 230k.
My friend works on a contract basis an earns about 25k p.a., her sister who is married works part time so getting a mortgage could be a major problem. As I see it my friend would have to come up with c.175k to be able to stay in the family home (230-125=105 in equity), so just over 50k each.
My friend does have savings of c.€80k in addition to equity in the family home but they are at their wits end that they may well have to give up a home that while modest has been their home since they were a child.
Any advice / suggestions would be much appreciated. If anyone can suggest options in terms of finance that would be great.
Roy
My friend works on a contract basis an earns about 25k p.a., her sister who is married works part time so getting a mortgage could be a major problem. As I see it my friend would have to come up with c.175k to be able to stay in the family home (230-125=105 in equity), so just over 50k each.
My friend does have savings of c.€80k in addition to equity in the family home but they are at their wits end that they may well have to give up a home that while modest has been their home since they were a child.
Any advice / suggestions would be much appreciated. If anyone can suggest options in terms of finance that would be great.
Roy