Posted on: 12th Jun, 2008 02:39 am
Is it possible to release equity from a property without sale or deed transfer? My mother owns a house which i am due to inherit when she passes. However as i am looking to get on the property ladder myself within the next few years we have spoken about realeasing equity from my mothers house to help me with a deposit. Can anyone help me understand how this works and what implications this would have on the house. (Mother currently still paying mortgage though it is possible she may have completed payments by the time we come to this?)
Welcome chloejoanna.
I feel your mother can release the equity from the property through reverse mortgage if she is 62 years old or above. You must hear about this program. This is a loan against your home equity. You can get it on a monthly basis or get a lump some amount at a time. But you need to pay back the loan. To know more about reverse mortgage just have a look at http://www.mortgagefit.com/reverse.html
Hope this helps.
Good luck.
I feel your mother can release the equity from the property through reverse mortgage if she is 62 years old or above. You must hear about this program. This is a loan against your home equity. You can get it on a monthly basis or get a lump some amount at a time. But you need to pay back the loan. To know more about reverse mortgage just have a look at http://www.mortgagefit.com/reverse.html
Hope this helps.
Good luck.