I am also concerned about what will happen if their current property is valued at less than their current domestic
Q My parents took out an equity release lifetime mortgage in 2005. I believe the sum was £30000. They are now looking to downsize and run nearer to where I live. I am awaiting an up-to-date statement of their balance but believe it will be in the region of £90000. Their current accommodation is worth around £240000, having only increased by some £40000 during that period.
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Source: theguardian.com