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Ben Jones
Ben Jones, UK Lawyer
Category: Scots Law
Satisfied Customers: 4
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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Can I get a mortgage to pay my mother's equity as she has had

Customer Question

Can I get a mortgage to pay my mother's equity as she has had to go into a home I have power of attorney and stay in the family home
Submitted: 2 years ago.
Category: Scots Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
What do you want to do precisely?
Customer: replied 2 years ago.

I wish to pay the equity of by means of getting a mortgage enabling me to stay in the property if not I will have to sell the house and pay the equity back with the remaining money going into my mother's account to pay for her care at present she only pays half as she was under the threshold for savings the council did not force her to sell the house at the time because that would of made me homeless

Expert:  JGM replied 2 years ago.
What age are you? Did you give up a home of your own to care for your mother or have you always lived with your mother? What value is your mother's house? Does she have a mortgage? If so, what is outstanding? What are you understandimg by the term "equity". Equity is the money tied up in the property, in other words the total value of the house less any borrowings secured over the property, eg, what you would get if you sold it You can't remortgage your mothers house in your name unless you own it. If you can answer my questions I will try to help you further.
Customer: replied 2 years ago.

I am 48 years old and have stayed in my parents house all my life there is no mortgage on the house the equity was taken out about 10 years ago to free up some cash in that period I stayed to look after my father who had cancer who later died then looked after my mother who has suffered from dementia and has now had to go into a home for her own safety

Expert:  JGM replied 2 years ago.
So you are referring to equity release which is in reality a mortgage?
Customer: replied 2 years ago.

Yes

Expert:  JGM replied 2 years ago.
So what is it that you would like to achieve?
Customer: replied 2 years ago.

Would like to find a way of paying equity back and keeping house but would have to borrow cash against the house

Expert:  JGM replied 2 years ago.
How would that benefit your mother?