Employment and Support Allowance (ESA)
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Equity release

I am wondering if anyone can assist.  I am on ESA support and have live in a one bed.    My sister pays my mortgage,  she is partially sighted.   I realise i am very lucky to have a place of my own.  The flat needs loads done and I bought it with those intentions until I became ill and could not work.  My bathroom is over thirty years old and the windows over a hundred and basically the flat gets  mouldy and damp.   The front and back fence are old battered and worn and I am feeling like I stick out like a sore thumb in the street.  There are also broken panes.  The landlord to the upstairs flat has said he wants to improve the windows as its a converted house.  I have zero funds and was thinking about equity release.  I am over 55 years old and was thinking I need £20,000.   Has anyone any experience of this?   I understand the saving rules etc....  I was thinking of the draw down equity release where you only take the money when needed.  I get the windows done and use some of the funds etc....      I don't know what else to do really as as time goes by things get worse.  Thanks

Replies

  • leeCalleeCal Member Posts: 3,381 Disability Gamechanger
    I don’t know much about equity release but I do know that the older you get the more equity you can release. Have you tried an equity release calculator, I believe Aviva and legal and general bo have third parties who operate equity release schemes. By the way they all suggest you take professional,advice before embarking on this course and often experts will suggest downsizing instead in my experience.
  • woodbinewoodbine Community Co-Production Group Posts: 3,802 Disability Gamechanger
    like @leeCal I don't know much about the subject not enough to advice anyone, but one thing I do know is that you would need professional advice. Being a flat can complicate matters (all to do with leasehold/freehold).
    my advice is given freely and is correct to the best of my knowledge.
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