equity release companies

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    equity release companies

    My stepfather, I have just discovered, has given away my inheritence to an equity release company, has anyone exeprienced these type of companies and how one can get property back?? My mother was tricked into signing over her half of house, south wales so no high price, and then my step father who I did not get on with, made sure I did not get anything, and signed any remaining money to the local dogs home!. My mother has always been against the idea, but put up with years of emotional bullying, and did not stand up to him. She is keen, now he has died ( 8 weeks after arranging this) to reverse the process or at least getting what she feels is my rightful inheritence. Any suggestions from anyone.

    #2
    So, to summarise, an equity release company loaned your parents a substantial sum which was given to the local dogs home, the idea being that when your Mother dies, their home will be sold so that the equity release company will be repaid from the proceeds the loan, the interest due (compounded of course) and their administration fees.

    If you want the house back, you will have to repay the loan, interest to date an administration fee, and just to make sure an early redemption fee as well!
    Of course, the contract should have been drawn up to the effect that on both parents death, the loan company are repaid by selling the house and after this is done, the balance is credited to the estate. Unfortunatelly, although I have no facts to back this up, I bet they keep the lot on the basis that if your parents had lived longer than anticipated the company would have lost out!

    Of course I could be wrong................

    P.P.
    Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

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