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15 November 2009

Equity Release - a last resort but is it a gamble worth taking?

I am in the position of having recently divorced, downsized my property and now own my own home outright. I am 55 years old and am only just surviving on Incapacity Benefit. The prospect of living on the poverty line, waiting to die so my children can inherit the house is not one I am happy with. I want to release some of the equity in order to set myself up in a business I can do from home, in order to support myself, and so I can pay for certain jobs to be done around the house and garden that I cannot do myself. I stand to inherit from my own mother at some point so feel that its a risk worth taking. I know the interest rates are horrendous and build rapidly over the years. Hopefully I will inherit and be in a position to pay this off long before I die - so should I take the plunge? I don't feel I have any other choices - I know I will also lose the small income that I have from Incapacity Benefit but I'm not managing on that anyway. Is there anyone out there who who released some of the equity in their house and NOT regretted it? I only want to release about £20,000 of a possible £140,000.

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