Discover and read the best of Twitter Threads about #ukcag
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In July this year, at the age of 65, I was so pleased to finally own my modest home, after 47 years of mortgage payments. In August this year, I am taking advice on 40% equity release in my home to help my child pay for building defects on a building they don’t own. 1/6
As a leaseholder they have no choice but to either pay up or become bankrupt. There is no way they have the huge amount of money required lying in bank accounts, they would have bought a better property if they had. Bankruptcy is not an option as their job is highly at risk. 2/6
If I release equity in my home, then as I age and likely need to go into care, the Government will have to fund that as I will have no capital left to pay. Where’s the sense in that? It also leaves me with little to fall back on if my own home requires major repairs. 3/6
