I am a sigle bloke, aged 54, with about £140 of equity in my house. I
owe £30,000 on my mortgage and £50,000 on other, unsecured loans.

I have recently hit hard times and would really like to get my hands
on $80,000 fast cash to pay off all my debts.

I have no dependents and do not feel a necessity to leave anything to
anyone in my will.

I have heard rumours of companies who pay out cash in return for
gaining ownership of your house when you die. Is this correct, or am I
dreaming? I vaguely think I saw mention of such a deal in a TV advert
recently. Anyone know of any such arrangements on offer, or similar
things? Any leads would be appreciated.

Hank

"Hank" wrote in message
...
On Sat, 03 Mar 2007 16:08:54 +0000, Hank wrote:


I am a sigle bloke, aged 54, with about £140 of equity in my house.
I
owe £30,000 on my mortgage and £50,000 on other, unsecured loans.

PS - Sorry, I accidentally posted to the wrong group.

Hank


£140 of equity isn't going to go very far with an equity drawdown
scheme !

AWEM

On Sat, 03 Mar 2007 16:08:54 +0000, Hank wrote:


I am a sigle bloke, aged 54, with about £140 of equity in my house. I
owe £30,000 on my mortgage and £50,000 on other, unsecured loans.

PS - Sorry, I accidentally posted to the wrong group.

Hank

On Sat, 3 Mar 2007 16:09:04 -0000, "Andrew Mawson"
wrote:

£140 of equity isn't going to go very far with an equity drawdown
scheme !

£140*k* !! :-)
"Equity drawdown scheme" may be the term I needed - thanks!

Hank

On Sat, 03 Mar 2007 21:56:54 +0000, Hank wrote:

On Sat, 3 Mar 2007 16:09:04 -0000, "Andrew Mawson"
wrote:

£140 of equity isn't going to go very far with an equity drawdown
scheme !

£140*k* !! :-)
"Equity drawdown scheme" may be the term I needed - thanks!

Hank


These deals are very poor value indeed.....


--

..andy

On Sat, 03 Mar 2007 23:25:44 +0000, Andy Hall
wrote:

On Sat, 03 Mar 2007 21:56:54 +0000, Hank wrote:

On Sat, 3 Mar 2007 16:09:04 -0000, "Andrew Mawson"
wrote:

£140 of equity isn't going to go very far with an equity drawdown
scheme !

£140*k* !! :-)
"Equity drawdown scheme" may be the term I needed - thanks!

Hank


These deals are very poor value indeed.....

Don't you need to be aged 60 or 70 to take advantage of them .

In message , Hank
writes

I am a sigle bloke, aged 54, with about £140 of equity in my house.

Real pounds

I
owe £30,000 on my mortgage and £50,000 on other, unsecured loans.

Suddenly become dollars

I have recently hit hard times and would really like to get my hands
on $80,000 fast cash to pay off all my debts.


Wouldn't we all

I have no dependents and do not feel a necessity to leave anything to
anyone in my will.

OK, developing a story here


I have heard rumours of companies who pay out cash in return for
gaining ownership of your house when you die.


Can't really miss them, can you


**** off and die


--
geoff

In message , Hank
writes
On Sat, 03 Mar 2007 16:08:54 +0000, Hank wrote:


I am a sigle bloke, aged 54, with about £140 of equity in my house. I
owe £30,000 on my mortgage and £50,000 on other, unsecured loans.

PS - Sorry, I accidentally posted to the wrong group.



What - the human race one ?

Your decomposed body might make useful fertiliser for some vegetables


--
geoff

On Sat, 3 Mar 2007 23:25:44 UTC, Andy Hall wrote:

On Sat, 03 Mar 2007 21:56:54 +0000, Hank wrote:

On Sat, 3 Mar 2007 16:09:04 -0000, "Andrew Mawson"
wrote:

£140 of equity isn't going to go very far with an equity drawdown
scheme !

£140*k* !! :-)
"Equity drawdown scheme" may be the term I needed - thanks!

These deals are very poor value indeed.....

Usually. There was a recent case where someone survived to be a ripe old
age, and had arranged some kind of equity release scheme with a man who
desperately wanted her house. She outlived him, and his widow had to
continue the payments.

Rare, though.


--
The information contained in this post is copyright the
poster, and specifically may not be published in, or used by
http://www.diybanter.com

On 4 Mar 2007 00:14:08 GMT, "Bob Eager" wrote:

On Sat, 3 Mar 2007 23:25:44 UTC, Andy Hall wrote:


These deals are very poor value indeed.....

Usually. There was a recent case where someone survived to be a ripe old
age, and had arranged some kind of equity release scheme with a man who
desperately wanted her house. She outlived him, and his widow had to
continue the payments.

I read that as:- "She cultivated him..."

--
Frank Erskine

Hank wrote:
On Sat, 3 Mar 2007 16:09:04 -0000, "Andrew Mawson"
wrote:

£140 of equity isn't going to go very far with an equity drawdown
scheme !

£140*k* !! :-)
"Equity drawdown scheme" may be the term I needed - thanks!

"Equity Release" is the generic term - some of the products also have a
ongoing income or "drawdown" element to them. There are a couple of
basic classes of product - some which are basically "roll up" or
"lifetime" mortgages where you get a lump sum and then the payments
toward the mortgage roll up until you die. Then the house is sold, the
mortgage paid off, and anything left passes into your estate. The longer
you live the less will be left, with the possibility that there will be
no value left over[1]. The other type are what are called "home
reversion plans". Here you elect to give up a proportion of your house.
Less generous than the lifetime mortgages generally, but you do get to
leave a known size of legacy.

With all these schemes the older and more infirm you are the better the
deals you will be offered.

All of these products are complex and heavily advice lead, so it pays to
find a broker who knows the market well - they also take a number of
months to arrange typically.

[1] The schemes of old that could end up with your estate actually owing
money don't exist any more. Most providers are members of the Safe Home
Income Plans (SHIP) scheme.

--
Cheers,

John.

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"raden" wrote in message
...
In message , Hank
writes

I am a sigle bloke, aged 54, with about £140 of equity in my house.

Real pounds

I
owe £30,000 on my mortgage and £50,000 on other, unsecured loans.

Suddenly become dollars

I have recently hit hard times and would really like to get my hands
on $80,000 fast cash to pay off all my debts.


Wouldn't we all

I have no dependents and do not feel a necessity to leave anything to
anyone in my will.

OK, developing a story here


I have heard rumours of companies who pay out cash in return for
gaining ownership of your house when you die.


Can't really miss them, can you


**** off and die

Harsh.......But fair.
Solves the OPs original problem ;-)