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Retired-Equity Release opnions?

  • 08-11-2011 1:08pm
    #1
    mrmoo
    Closed Accounts Posts: 5 ✭


    Hi all,

    What is the consensus these days with releasing equity in the family home?
    I recently retired and have a minuscule pension but thankfully no substantial debt.

    It has crossed my mind that if I could release €50k from the future value of the house it would give my wife and I some comfort for the coming years.

    My children have expressed no desire in the home and seem happy for us to go down this route if appropriate.

    Im not looking for advice here just some opinions. Thank you.


Comments

  • #2
    Raskolnikov
    Registered Users, Registered Users 2 Posts: 10,148 ✭✭✭✭Raskolnikov


    Equity release doesn't sound like it makes much sense for someone in your circumstance. If you decide you want to release €50,000 of equity, that means you'll have repayments of €530 per/month, assuming a 10 year period at 5% interest.

    Would you not consider just selling your house and downsizing?


  • #3
    mrmoo
    Closed Accounts Posts: 5 ✭mrmoo


    Thanks for the reply Raskolnikov.

    Apologies, I meant for the repayment of the equity release to take place from the sale of the house after we pass on.


  • #4
    Raskolnikov
    Registered Users, Registered Users 2 Posts: 10,148 ✭✭✭✭Raskolnikov


    mrmoo wrote: »
    Thanks for the reply Raskolnikov.

    Apologies, I meant for the repayment of the equity release to take place from the sale of the house after we pass on.
    I get you now - you could try these guys.

    http://www.sixtyplusfinance.ie/Home-Reversion-Plan.homereversionplan.0.html

    Is your social welfare pension going to be means-tested? If so, then getting a lump sum of any decent size from equity release will almost certainly reduce your pension.


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