equity release

[moleen]

my parents entered an equity release contract in 2003 they borrowed 70,000 on their 3 bedroom house. they pay interest per year around £6,000-£7,000 they now owe about 120,000, the company hold their deeds and when they die they sell the house take fees and give me what ever is left. Is there any way they can get out of this or anyway we can get a mortgage to pay them off ? any ideas would be greatly appreciated. I'm new on here so please excuse me if I'm not using the page right !

[Turboman]

Re: equity release

Have you enquired from the company? ,

[CYNthesys]

Re: equity release

moleen - is the equity release a BOS or a Barclays shared appreciation mortgage?

[moleen]

Re: equity release

the company said they can pay it off but i wanted to try and find out if we can get a mortgage on a hour that they have they deeds to, to pay them off ? its probably not doable its such an annoying situation. my mum and dads financial advisor didn't give them any other ideas or options when they enquired about doing this I'm not sure my mum and dad weren't mislaid in the idea that i would still inherit. yet didn't highlight by the time they die it would b substantially lower than the market price. but hey I'm just trying to see if there is anything we can do. thanks for your reply