I have been a member of this site for a few years and for the first time find myself in a position for some help/advice.
My parents own their own home outright. They have just told me and my sister that they have taken out a Life Time Mortgage for £100,000. They have taken £30,000 of it. Their Home was valued at £350,000.
We are upset that they didnt come to us for help; they have always been very private about money matters. Me and my sister are trying to find out about life time mortgages and if they are a good thing to do?
They have only just done it and I and my sister have agreed that if they can get out of it we will get mortgages ourselves for a third of the house as an investment so they dont have to worry about money and can stay there for the rest of their lives.
Please if anyone can give us any info or advice about these life time mortgages that would be great! We really want to help our parents make the right decision and not get ripped off.
Thank you.
My parents own their own home outright. They have just told me and my sister that they have taken out a Life Time Mortgage for £100,000. They have taken £30,000 of it. Their Home was valued at £350,000.
We are upset that they didnt come to us for help; they have always been very private about money matters. Me and my sister are trying to find out about life time mortgages and if they are a good thing to do?
They have only just done it and I and my sister have agreed that if they can get out of it we will get mortgages ourselves for a third of the house as an investment so they dont have to worry about money and can stay there for the rest of their lives.
Please if anyone can give us any info or advice about these life time mortgages that would be great! We really want to help our parents make the right decision and not get ripped off.
Thank you.