Property rich, Cash poor

[dizzy45]

I own my home but have no cash apart from my pension credit i receive. I would like to release some money to use for improvements and holidays. What is the best way to do this without losing my pension cedit and protect my property to leave for my children?

[disneysteve]

How old are you? Is your pension your only income? Are you collecting Social Security? Do you have any savings at all, any emergency fund, etc? Do you have any debt? Are you able to return to work at all?

[Staceyy]

You could get a reverse mortgage with an equity line, if you are age 62 or older. You must have sufficient equity in the property however. You could also get a second mortgage if your income is high enough to qualify. This could be in the form of an equity line or for a fixed amount and term.

[Gailete]

What is the best way to do this without losing my pension cedit

Not sure I understand why you would have problems with your pension on this.

I don't know what your monthly bills and income are, but if you can't afford 'holidays' then you shouldn't be trying to take it out of your equity in your house. Those you would give presents to should understand your circumstances and perhaps you could craft soemthing to give. If by holidays you meant vacations, the same thing applies.

You might also want to sell your property and use it to bulk up your living allowance. There is no reason to go around with nothing just because you want to leave a building to your children, especially if you have more than one as the house would have to be sold or one child would have to buy out the others so you could be leaving your kids an inheritance that they can't afford. How much better to live in a way that you can afford what you need and then if there is any cash left over, your kids can split that.

Perhaps I'm too logical though.