Equity Release – can our children live with us?
You should normally find that there are no restrictions on children living with you. You will also find that anyone aged 17 years or more will be requested to sign a waiver. You might find that this is strange if they are not on the title deeds and have nothing to do with the new arrangements but it is quite normal and is required when any mortgage is taken out. It is called an “other occupier” form and is requested due to case law.
Some more things for you to consider before deciding to go ahead with equity-release are:
- You will still have to pay for the maintenance of your property.
- You will have no way of really knowing the final value of what will be left to your beneficiaries upon your death.
- You could have sold your house off cheaply, in effect, if you die prematurely.
- It may suit older people more as they may benefit from higher levels of income due to annuity rates and other factors.
- Your state benefits may be affected.
- You should discuss the proposed Equity Release solution with your beneficiaries, especially with your children, and this may prove to be uncomfortable.
- There may be initial costs to consider when setting up the plan.
This is only a brief guide and there will be more to consider. Please contact me and let me know what you think about this website and what you would like to see added to it. Contact me here.