I have a friend who is looking to release some capital from his mortgage free home. The house is worth approx 110K.
He is in his sixties and has a wife but no kids to leave his house to so it makes sense to enjoy the cash now rather than some long lost relative benefitting.
I Assume they would give around 50% in cash with the home reverting to the company on the death of both parties.
Has anyone got any experience of doing this and can you tell me the pros and cons.
He is in his sixties and has a wife but no kids to leave his house to so it makes sense to enjoy the cash now rather than some long lost relative benefitting.
I Assume they would give around 50% in cash with the home reverting to the company on the death of both parties.
Has anyone got any experience of doing this and can you tell me the pros and cons.