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bigduckontax, Accountant
Category: UK Tax
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Experience:  FCCA FCMA CGMA ACIS
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What do you think about a reverse mortgage? Or is there another

Resolved Question:

What do you think about a reverse mortgage? Or is there another way to get some retirement money on my paid house?
Than you.
Submitted: 9 months ago.
Category: UK Tax
Expert:  bigduckontax replied 9 months ago.
Hello, I'm Keith and happy to help you with your question.

I am not suppose to give personal opinions on Just Answer. However, it is pretty generally known that reverse mortgages release a lesser proportion of the house's capital than one might expect. Furthermore dark stories abound of those living in their properties being quietly eased out by clever small print in their reverse mortgage agreement and failure to comply therewith.

You have 2 other routes of releasing equity. One is to sell out and downsize. The other is to sell out and move into rented accommodation. Renting these days is much more common and you don't have to worry about structure or repairs. Both these options involve moving, maybe from a much loved house, but all good thongs come to an end. Benjamin Franklin famously said the the only 2 certainties in life were death and taxes!

Hope I have been of some assistance.
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 814
Experience: FCCA FCMA CGMA ACIS
bigduckontax and 2 other UK Tax Specialists are ready to help you

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