chump
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A relative of mine owns their property outright. She has worked all her life and is only 2.5 years away from retirement where she will receive state and part of her ex-husbands pension.
Without going into a boring long story - lately she has been having a really tough time at work, is constantly over worked and bullied by the people she works with. She has been on anti-depressants for the last 6 months and to be honest I'm worried that if she has to continue working there then she might do something silly in the near future.
Not only does she just want to leave her job but I feel that she needs to for her own health. However she is 60 and getting something else for the next 2 years or so is going to be nigh on impossible.
The problem is she has no other money other than what is locked up in her house.
She refuses to sell up and find somewhere smaller (although I understand this as her house is only worth about 150k and to downsize wouldn't really net her much money after everything).
I've looked into equity release for her but in all honesty it seems like she would be giving up a HUGE chunk of her only asset for a pretty small short term chunk of money up front so I advised against this.
I'd like to know if there are any other options she/I haven't considered?? I'm totally at a loss.
The only other thing (and I dont know if this even exists) - is it possible for say her son to take out a mortgage on a share of her property (say 25%). She then gets the lump sump of this share from the bank and he pays off the share as a mortgage. He is 100% prepared to do this for her if it is possible.
I'm sorry for the long thread. I rarely post on here but I know there are a lot of knowledgeable people here that might be able to help me/her out.
Thanks
Without going into a boring long story - lately she has been having a really tough time at work, is constantly over worked and bullied by the people she works with. She has been on anti-depressants for the last 6 months and to be honest I'm worried that if she has to continue working there then she might do something silly in the near future.
Not only does she just want to leave her job but I feel that she needs to for her own health. However she is 60 and getting something else for the next 2 years or so is going to be nigh on impossible.
The problem is she has no other money other than what is locked up in her house.
She refuses to sell up and find somewhere smaller (although I understand this as her house is only worth about 150k and to downsize wouldn't really net her much money after everything).
I've looked into equity release for her but in all honesty it seems like she would be giving up a HUGE chunk of her only asset for a pretty small short term chunk of money up front so I advised against this.
I'd like to know if there are any other options she/I haven't considered?? I'm totally at a loss.
The only other thing (and I dont know if this even exists) - is it possible for say her son to take out a mortgage on a share of her property (say 25%). She then gets the lump sump of this share from the bank and he pays off the share as a mortgage. He is 100% prepared to do this for her if it is possible.
I'm sorry for the long thread. I rarely post on here but I know there are a lot of knowledgeable people here that might be able to help me/her out.
Thanks