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You are in... Forums > General Chat Forum > Come on in > Live chat - Thursday 25 June 11am

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garethhargreaves

Joined:

Feb 08

Posts: 225

Live chat - Thursday 25 June 11am

This Thursday's guest expert is Dean Mirfin of Key Retirement Solutions. Dean is an expert in the field of equity release and takes great pride in his role as KRS agony aunt answering queries from people needing a better understanding of what the pros and cons are when releasing capital from property.

Dean will be with us from 11am on Thursday 25 June and is looking forward to meeting you all.

[This Topic has been modified by the Author]

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Judith007

Joined:

Dec 07

Posts: 7

Judith007 says:

Re: Live chat - Thursday 25 June 11am

Hello Dean,

Is it true you can end up paying 20 times the amount of you borrow.

J

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HenryFarber

Joined:

Jan 08

Posts: 10

HenryFarber says:

Re: Live chat - Thursday 25 June 11am

DeanMirfin said:
HenryFarber said:

Hello Dean,

I have heard so many different things about equity release/home reversion and still don't know what it is all about or whether it suits my needs. I think my first question is about costs. What are the costs, for example, are there fees for surveys and legal fees and is there an arrangement fee with these type of engagements?

Thanks

Henry



 

Thanks for your question Henry. The usual costs are similar to arranging any mortgage. There are survey costs whcih are linked to the value of your property - usually in the region of £200. Their are legal costs which will be dependent on your chosen solicitor. Providers usually charge an arrangement fee typically £495.

To answer all of your questions, the best place to start is either to request an appointment or the Yours guide to equity release call FREE on 0800 531 6019 or you can request a guide or a call back from Key Retirement Solutions online at http://equityrelease.yours.co.uk/ or go to the Money page of the Yours site and select on the left. Yours Equity Release Service.


Thank you Dean.

What happens with interest rates - could I end up owing money more than the value of my house?
 

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DeanMirfin

Joined:

Jun 09

Posts: 39

DeanMirfin says:

Re: Live chat - Thursday 25 June 11am

ChristinaReade56 said:

This is my frist visit to the Yours for ages I have not been a member before but signe in when I see thsis forum.

My howm is to big now and Im not sure I want to sell it because it is where my family grew up. It holds sentamental value as well since my husband passed.

I am not old and I want to do new things again and think equity release could give me the money to do that. I worry though because I am alone and wonder what will happen if my circumstances change or I lose my health. what would happen in these circumstances? 



 

The benefit of many plans available today is the amount of flexibility. You are right to think about what may happen in the future. A number of plans allow you to gurantee that you can come back later for more funds. If you for example decide in the future that you do want to move house, you can do and then either pay off the amount you owe, if you want to, or take the loan with you to the next property.

Different people have different concerns and priorities when it comes to equity release and that's why specialist advice is so important. What you need or want now and in the future may differ to others. Likewise the ideal plan for you may differ greatly to someone else. The role of a specialist adviser is to tailor the plan to you, if indeed the adviser believes that equity release is suitable.

The best place to start though is either through reading the Yours guide and/or seeing an adviser. Those details again are:

To request an appointment or a FREE guide to equity release call FREE on 0800 531 6019 or you can request a guide or a call back from Key Retirement Solutions online at http://equityrelease.yours.co.uk/ or go to the Money page of the Yours site and select on the left. Yours Equity Release Service.

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DeanMirfin

Joined:

Jun 09

Posts: 39

DeanMirfin says:

Re: Live chat - Thursday 25 June 11am

Judith007 said:

Hello Dean,

Is it true you can end up paying 20 times the amount of you borrow.

J



 

As a rule of thumb, based on current interest rates the amount you owe doubles approximately every 12 years, for you to owe 20 times the amount you borrow you would need to live over 50 years from taking out the plan.

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DeanMirfin

Joined:

Jun 09

Posts: 39

DeanMirfin says:

Re: Live chat - Thursday 25 June 11am

HenryFarber said:
DeanMirfin said:
HenryFarber said:

Hello Dean,

I have heard so many different things about equity release/home reversion and still don't know what it is all about or whether it suits my needs. I think my first question is about costs. What are the costs, for example, are there fees for surveys and legal fees and is there an arrangement fee with these type of engagements?

Thanks

Henry



 

Thanks for your question Henry. The usual costs are similar to arranging any mortgage. There are survey costs whcih are linked to the value of your property - usually in the region of £200. Their are legal costs which will be dependent on your chosen solicitor. Providers usually charge an arrangement fee typically £495.

To answer all of your questions, the best place to start is either to request an appointment or the Yours guide to equity release call FREE on 0800 531 6019 or you can request a guide or a call back from Key Retirement Solutions online at http://equityrelease.yours.co.uk/ or go to the Money page of the Yours site and select on the left. Yours Equity Release Service.


Thank you Dean.

What happens with interest rates - could I end up owing money more than the value of my house?
 



 

Henry, all SHIP (Safe Home Income Plans) member providers' plans come with a guarantee that you can never owe more than the value of your home. This applies no matter what.

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garethhargreaves

Joined:

Feb 08

Posts: 225

Re: Live chat - Thursday 25 June 11am

Hi Dean,

Is there an upper age limit to this type of product? Similarly would prospective buyers need to be of a certain age to qualify?

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DeanMirfin

Joined:

Jun 09

Posts: 39

DeanMirfin says:

Re: Live chat - Thursday 25 June 11am

garethhargreaves said:

Hi Dean,

Is there an upper age limit to this type of product? Similarly would prospective buyers need to be of a certain age to qualify?


The minimum age is 55, there is no maximum although some do have a limit of 90 but a number have no upper limit.
 

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ChristinaReade56

Joined:

Jun 09

Posts: 4

Re: Live chat - Thursday 25 June 11am

DeanMirfin said:
ChristinaReade56 said:

This is my frist visit to the Yours for ages I have not been a member before but signe in when I see thsis forum.

My howm is to big now and Im not sure I want to sell it because it is where my family grew up. It holds sentamental value as well since my husband passed.

I am not old and I want to do new things again and think equity release could give me the money to do that. I worry though because I am alone and wonder what will happen if my circumstances change or I lose my health. what would happen in these circumstances? 



 

The benefit of many plans available today is the amount of flexibility. You are right to think about what may happen in the future. A number of plans allow you to gurantee that you can come back later for more funds. If you for example decide in the future that you do want to move house, you can do and then either pay off the amount you owe, if you want to, or take the loan with you to the next property.

Different people have different concerns and priorities when it comes to equity release and that's why specialist advice is so important. What you need or want now and in the future may differ to others. Likewise the ideal plan for you may differ greatly to someone else. The role of a specialist adviser is to tailor the plan to you, if indeed the adviser believes that equity release is suitable.

The best place to start though is either through reading the Yours guide and/or seeing an adviser. Those details again are:

To request an appointment or a FREE guide to equity release call FREE on 0800 531 6019 or you can request a guide or a call back from Key Retirement Solutions online at http://equityrelease.yours.co.uk/ or go to the Money page of the Yours site and select on the left. Yours Equity Release Service.



 

Dean

Thankyou for your promt response. from your answer am I right to think that an equity release can be transfered to a differnet property if you move house?

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Judith007

Joined:

Dec 07

Posts: 7

Judith007 says:

Re: Live chat - Thursday 25 June 11am

DeanMirfin said:
Judith007 said:

Hello Dean,

Is it true you can end up paying 20 times the amount of you borrow.

J



 

As a rule of thumb, based on current interest rates the amount you owe doubles approximately every 12 years, for you to owe 20 times the amount you borrow you would need to live over 50 years from taking out the plan.



 

oh I see - I think I will look on the website, thanks

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garethhargreaves

Joined:

Feb 08

Posts: 225

Re: Live chat - Thursday 25 June 11am

Hi all

This is the last call for further questions otherwise Dean will not have time to answer them - we will be finishing at 12.30. Please hurry up if you have anything further you would like to ask.

Cheers

Gareth

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