aging couple - lifetime mortgage

[wishfully]

We both in our 70s and one has suffered a stroke some 12mths ago.

We want to release some equity from our home to see some enjoyment from our children while we can.

Reading on Google we may have a problem in getting a lender for equity release.

Our home is a timber framed house with a single brick clad on the outside.

We have already tried 2 online brokers, one declined and the other made no response.

Any advice of how to find a possible lender.

 

[Rosettastone57]

We both in our 70s and one has suffered a stroke some 12mths ago.

We want to release some equity from our home to see some enjoyment from our children while we can.

Reading on Google we may have a problem in getting a lender for equity release.

Our home is a timber framed house with a single brick clad on the outside.

We have already tried 2 online brokers, one declined and the other made no response.

Any advice of how to find a possible lender.

I've no experience of equity release, but I had a similar experience last year when trying to sell my mother-in-law 's property regarding a "single skin " wall. I assume that is what you are referring to. The buyers found they couldn't get a mortgage on the property unless either they were prepared to complete the upgrade themselves as a condition of the funds being lent, or I was prepared as the vendor to do this myself before I tried to sell it. Eventually the buyers found a broker who lent money on conditions that the house was completely renovated.

No magic answers I'm afraid, lenders might want to see any building renovations completed.

 

[wishfully]

Thank you.
Our home was built in the mid 80s with brick outer wall and timber frame construction (stud and dry wall with rockwool insulation.
So I dont thats the problem needing any renovation etc

thank you

 

[Rosettastone57]

Thank you.
Our home was built in the mid 80s with brick outer wall and timber frame construction (stud and dry wall with rockwool insulation.
So I dont thats the problem needing any renovation etc

thank you

Thanks for clarifying that. Hopefully others will be along soon with better advice then

 

[marionq]

If you need care in the future or need to downsize if either of you is left alone then equity release may well turn out to be a very bad idea. If you give away funds to your children from your property asset this could be regarded as deprivation of your assets to be used for care.

Be very wary of equity release it can be a poisoned chalice.

 

[Palerider]

As @marionq has said 'a poison chalice' please don't do it and also think about the problems that may occur later down the line, which I am now having to sort for my mum -nightmare

The only people that gain from this are the equity release companies

 

[nitram]

As had been said be vary careful of any form of equity release. IMHO there are extremely few cases where it is appropriate.

However if you do decide on this route

Our home is a timber framed house with a single brick clad on the outside.

Clarification is essential.
Is it "structural timber frame" so the timber is the structure and the bricks could be classed as cladding.
Or
"Timber Frame" without the "structural" the outer house structure is built from bricks and the timber is the internal layer.
This can make make a big difference.