Help understanding equity release

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ann_simmons9

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Post by ann_simmons9 » Thu Nov 04, 2010 1:31 pm
I never handled my finances properly; my husband used to take care of all such things. But we separated last year; just not living together any more.

The home where I stay is jointly owned; I have been paying the mortgage since we separated, but now I am in a hardship. Can anybody explain me what is equity release? Can I get some fund through equity release?
 
 

liamjames

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Post by liamjames » Thu Nov 04, 2010 1:43 pm
Hi Ann and welcome!

"Equity" is the value of your interest in the property. You can "release" this equity in many ways, for example a mortgage or a home reversion scheme.

If you can get a remortgage on your property then your secured payments may increase or the repayment term might increase. Remember that any loan secured against your property will have to be paid or you risk losing your home.

Are you behind on your bills or have unsecured debts you are struggling to pay as and when they fall due?
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

ann_simmons9

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Post by ann_simmons9 » Thu Nov 04, 2010 1:52 pm
Thanks for your reply.

Yes, I have credit card debt; things were good so far. I was laid off few from my job few months back. Then I joined another employer for a lower pay-package.

I have already missed credit card payment; I am still paying my mortgage on time but I may not in future. So what are the options?

Since the house is quite large and I am single, can I sell this house? I think I will need my husband's consent for this.
 
 

liamjames

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Post by liamjames » Thu Nov 04, 2010 2:01 pm
Don't panic!

What kind of mortgage are you on? Could you change to interest-only until you have repaid your credit card debt?

There are lots of options available, and you should probably have a good chat with someone for a detailed list of options. How large is the credit card debt?
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

MelanieGiles

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Post by MelanieGiles » Fri Nov 05, 2010 1:37 am
I suspect that this poster may be looking for specific advice on an equity release scheme.

Initially there were lots of problems with this type of finance, however the product has become much more acceptable and there are now protections in place for ensuring that consumers are not treated unfairly. You need to be at a certain age to qualify, and will only receive a percentage of the value of your property - but some schemes will let you stay there either rent free or paying a market rental.

I know of a very reputable company dealing in this product I would be happy to recommend to you.
Regards, Melanie Giles, Insolvency Practitioner
 
 

ann_simmons9

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Post by ann_simmons9 » Sat Nov 20, 2010 11:46 am
Hello MelanieGiles,

Thanks for your input; can you please tell me more about the product you mentioned?

Thanks.
 
 

kallis3

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Post by kallis3 » Sat Nov 20, 2010 12:03 pm
Email Melanie via her website and she will gladly email you the details back.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

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Post by MelanieGiles » Sat Nov 20, 2010 11:35 pm
I'd be delighted to put you in touch Ann, if you could send me through your contact details.
Regards, Melanie Giles, Insolvency Practitioner
 
 

ann_simmons9

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Post by ann_simmons9 » Fri Nov 26, 2010 10:15 am
How do I email you? It says the email system has been discontinued due to spamming.
 
 

kallis3

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Post by kallis3 » Fri Nov 26, 2010 11:34 am
If you google Melanie Giles, it will bring up her firms website and you can contact her via that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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