Hi
My parents are in a position where they will need some extra money as a result of a delayed house build on their adjacent site. They plan to sell their existing home and move into the new house once it is completed which should be in the next 2 months. Their existing house is mortgage free.
The crash in the housing market coupled with a delay of 2 years in the building for various reasons has meant they will not get enough money from the sale of existing house to cover the cost of building the new one.
They also own a second house of which they have a mortgage currently of €23,000 with an 8 year term to go. Its not a rental property but used as a holiday home. This second property would be valued at between €140,000 and €150,000, its not a ghost estate thankfully and is in a decent location outside Dublin and is about 9 years old. They would need in the region of €40,000 and there's no more money in any kitty anywhere else!
Googling reversionary interests hasnt proved too helpful except one brokerage firm saying this type of policy is only available to over 70s and if thats the case they would be too young for this as they are both 63.
Anyone any ideas on whether the equity in this second home could be released somehow to help their situation? Are reversionary interests even still sold nowadays, would a bank run a mile from them if they were to suggest equity release in some way on this second property? Thanks in advance for any help
My parents are in a position where they will need some extra money as a result of a delayed house build on their adjacent site. They plan to sell their existing home and move into the new house once it is completed which should be in the next 2 months. Their existing house is mortgage free.
The crash in the housing market coupled with a delay of 2 years in the building for various reasons has meant they will not get enough money from the sale of existing house to cover the cost of building the new one.
They also own a second house of which they have a mortgage currently of €23,000 with an 8 year term to go. Its not a rental property but used as a holiday home. This second property would be valued at between €140,000 and €150,000, its not a ghost estate thankfully and is in a decent location outside Dublin and is about 9 years old. They would need in the region of €40,000 and there's no more money in any kitty anywhere else!
Googling reversionary interests hasnt proved too helpful except one brokerage firm saying this type of policy is only available to over 70s and if thats the case they would be too young for this as they are both 63.
Anyone any ideas on whether the equity in this second home could be released somehow to help their situation? Are reversionary interests even still sold nowadays, would a bank run a mile from them if they were to suggest equity release in some way on this second property? Thanks in advance for any help