Equity Release - any experience of it?

[DonPeffers]

See https://www.moneyadviceservice.org.uk/en/articles/equity-release

which states 

• The money you receive from equity release might affect your entitlement to state benefits.

[BugMan]

If your anything like me, and have always enrolled in company pension schemes, I would STRONGLY advise you to have a look at doing what you have talked about, sooner rather than later. I hit 55 this year and through a bit of homework the wife pulled all 7 of my company pensions into a single scheme, managed by a very reputable firm.  From this you can then ask them to go looking for more, that chances are, you have forgotten either by time, or more likely by insurance company's renaming or buying each other out.  They found a massive amount of investment I had no idea I had ever signed up for as I thought I only had about 4 or 5.

This allowed the wife to cleare all our outstanding debts, and me to start on my Sport 250 project.

unlike yourself we have a 15 year old son to look after (asd) but the wife is in the same position with regard to pensions, which will pay off the house, and our retirement as her 55 threshold kicked in, in about 4 years.

The single scheme we are in then allows you to chose the type of investment you like, low, med high etc, and in a matter of a few months has gone up a few % already.

I used this move, to push myself off my PC playing on line MMO games, and start selling off all the boy toys in the garage which has raised several thousand alone, as well as making space.

Take some time, get lots of advise and do a **** load of research, but then GO FOR IT

Im now 20 days from due date, and have a new lease on life

 

[SootySport]

I can understand you are not in an enviable position regarding the MS,  do think of the Mrs position and how she will be catered for a long time from now.   Never liked the Equity release schemes myself, my understanding is you don't get much considering the value of your house.     Downsizing is the only option I would consider and taking the largest Pension lump sum that the scheme allows, it's tax free---for now.

[iain m]

There are possibly some better schemes now but a friends parents took out 50% equity and 10 years later the father passed away , 3 years later the mother was admitted to a care home. The house had to be sold by his parents, it took 2 years to sell at a price 30% below valuation whilst because it was empty they had to pay interest on their half of the loan for 2 years, plus the cost of the care home  which wiped out the total benefit and left the children in debt.