Hi all,
Would really appreciate ANY advice from anyone whose used one of these plans as things have come to a head in the last day and would appreciate anyones thoughts before I start looking into this.
Here's the situation.......
My brother (a builder) is struggling financially both personally but more significantly with his business. He's telling me he's got loads of work on but simply cannot get the finance from the banks to be able to take jobs on. So he's contacted me tonight to ask to get some money from Mum by way of relaeasing equity from her house.
Mum is widowed, age 67, and owns her house outright which is worth circa £250,000. My brother wants to see if he can get equity release for £20k for him, £20k for me and £20k for mum whose down to her last £3k of savings.
So, he's looking at equity release to get some money to tie us all over which would help us all at the moment.
Does anyone have advice on this, has anyone looked into or taken out such a plan, anyone to avoid, anyone that can be recommended???
Thanks in advance for any advices,
sharon
Would really appreciate ANY advice from anyone whose used one of these plans as things have come to a head in the last day and would appreciate anyones thoughts before I start looking into this.
Here's the situation.......
My brother (a builder) is struggling financially both personally but more significantly with his business. He's telling me he's got loads of work on but simply cannot get the finance from the banks to be able to take jobs on. So he's contacted me tonight to ask to get some money from Mum by way of relaeasing equity from her house.
Mum is widowed, age 67, and owns her house outright which is worth circa £250,000. My brother wants to see if he can get equity release for £20k for him, £20k for me and £20k for mum whose down to her last £3k of savings.
So, he's looking at equity release to get some money to tie us all over which would help us all at the moment.
Does anyone have advice on this, has anyone looked into or taken out such a plan, anyone to avoid, anyone that can be recommended???
Thanks in advance for any advices,
sharon
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