Comments on: Considering Equity Release in 2010? Equity Release Questions Answered. http://www.agepartnership.co.uk/news/equity-release/equity-release-2010-equity-release-questions-answered/ Thu, 9 Sep 2010 11:33:06 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: admin http://www.agepartnership.co.uk/news/equity-release/equity-release-2010-equity-release-questions-answered/comment-page-1/#comment-1594 admin Thu, 11 Mar 2010 16:47:55 +0000 http://www.agepartnership.co.uk/news/?p=1127#comment-1594 Dear Ursula, One of the conditions of equity release is that you use some of the money you receive to pay off any outstanding mortgage you have against the property. Therefore, you would need to take out a lump sum of £120,000. To remain in your house and repay the loan you would need to take out a lifetime mortgage. However, you would not be able to raise sufficient funds to meet your objectives. A home revsion plan may raise more but would not match your requirements. If you would like to discuss this option in more detail please contact one of our fully-qualified advisors on freephone 08080 10 10 10, or via our website http://www.agepartnership.co.uk by requesting a callback. Kind regards The Age Partnership Team blog@agepartnership.com admin Dear Ursula,

One of the conditions of equity release is that you use some of the money you receive to pay off any outstanding mortgage you have against the property. Therefore, you would need to take out a lump sum of £120,000. To remain in your house and repay the loan you would need to take out a lifetime mortgage. However, you would not be able to raise sufficient funds to meet your objectives. A home revsion plan may raise more but would not match your requirements. If you would like to discuss this option in more detail please contact one of our fully-qualified advisors on freephone 08080 10 10 10, or via our website http://www.agepartnership.co.uk by requesting a callback.

Kind regards
The Age Partnership Team
blog@agepartnership.com
admin

]]> By: Ursula Runde http://www.agepartnership.co.uk/news/equity-release/equity-release-2010-equity-release-questions-answered/comment-page-1/#comment-1583 Ursula Runde Mon, 08 Mar 2010 18:43:05 +0000 http://www.agepartnership.co.uk/news/?p=1127#comment-1583 My husband and I are 66/65 years old. We live in a 1930s bungalow in Twickenham (London borough of Richmond). The house was valued recently at about £ 320,000, and we currently have an interest only mortgage of £ 100,000. If we wanted to take out a lump sum of £ 20,000, how would this effect the value of our property? And could we repay the euqity release loan after e.g. 10 years? (I will eventually inherit my mother's house in Germany). Thank you very much for your answer. Sincerely U.Runde My husband and I are 66/65 years old. We live in a 1930s bungalow in Twickenham (London borough of Richmond). The house was valued recently at about £ 320,000, and we currently have an interest only mortgage of £ 100,000. If we wanted to take out a lump sum of £ 20,000, how would this effect the value of our property? And could we repay the euqity release loan after e.g. 10 years? (I will eventually inherit my mother’s house in Germany).
Thank you very much for your answer.

Sincerely

U.Runde

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