Fri Mar 19, 2021 9:18 pm
#1834615
This may be a sensitive subject and maybe folks would not feel comfortable about opening-up, however, I'm looking at this as **** or bust so I don't mind starting the conversation.
I'm early retired due to being made redundant. For health reasons, it was right to lock into my occupational pension early (with appropriate discount/reductions) in order to become mortgage (stress) -free.
I have continued working as a 'consultant' within the industry of my expertise, unfortunately, that is commercial aviation, I've not had any work in over a year, and realistically I'm not sure I should even think about it returning in the future. I'm a one-man 'LTD' company so there has been zero support from the government.
I've been able to make ends meet over the last twelve months due to part-time work in the motor sector which has been allowed to carry on.
Having spent all my life working towards being debt/mortgage-free (and achieving that 7 years ago) I am now wondering if there may be some sense in looking into equity release. We live in a £500k house but we have many desires about making our house somewhat more of a home but at a cost. When we moved here, 3 years ago, at the very last minute we had to take a £20k hit on our sale., for various reasons we had to 'suck it up . The resulting move was 100% the right thing to do.
Mrs A is totally against the idea of equity release, she wants the full value of the house to transfer to our two daughters, which I totally understand. However, our two daughters do not agree with that. Mrs A is only 56 where I'm (nearly) 65 so any equity release calculations are based around Mrs Avtur being only 56.
An equity release against the value of our property may enable our kids to do things now, rather than wait until we pop our clogs. I would rather like to depart this world with a zero balance, knowing that my wife and our daughters have gained the most from my efforts in life.
I'm early retired due to being made redundant. For health reasons, it was right to lock into my occupational pension early (with appropriate discount/reductions) in order to become mortgage (stress) -free.
I have continued working as a 'consultant' within the industry of my expertise, unfortunately, that is commercial aviation, I've not had any work in over a year, and realistically I'm not sure I should even think about it returning in the future. I'm a one-man 'LTD' company so there has been zero support from the government.
I've been able to make ends meet over the last twelve months due to part-time work in the motor sector which has been allowed to carry on.
Having spent all my life working towards being debt/mortgage-free (and achieving that 7 years ago) I am now wondering if there may be some sense in looking into equity release. We live in a £500k house but we have many desires about making our house somewhat more of a home but at a cost. When we moved here, 3 years ago, at the very last minute we had to take a £20k hit on our sale., for various reasons we had to 'suck it up . The resulting move was 100% the right thing to do.
Mrs A is totally against the idea of equity release, she wants the full value of the house to transfer to our two daughters, which I totally understand. However, our two daughters do not agree with that. Mrs A is only 56 where I'm (nearly) 65 so any equity release calculations are based around Mrs Avtur being only 56.
An equity release against the value of our property may enable our kids to do things now, rather than wait until we pop our clogs. I would rather like to depart this world with a zero balance, knowing that my wife and our daughters have gained the most from my efforts in life.
Last edited by avtur3 on Sat Mar 20, 2021 9:36 am, edited 1 time in total.