read recently that pensioners can borrow against the value of their house, to be paid back at their death. Is that so ? Slight drift I know but I am reading up on pension reform now so give me a moment
You can release equity from your house, repayable when the house is sold (with interest obviously). I think you can release up to 60%. My Mum's looking to do it at the moment, as although she is OK on Dad's pension and attendance allowance, there's no spare cash to do any house maintenance. However the house has been valued at around £500K so there's plenty there to get everything done, and a few treats for her (life is a bit tough as Dad has vascular dementia). I've told her to release as much as she can and spend it all - I don't want or need any of it. My Mrs and I plan to do the same when we retire - we've struggled to keep the house at times over the last 16 years, so the house can pay us back......
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