Carryfast:
The maximum amount loaned is well under 50% of the value so it’s not ‘selling the house’ as such.
It’s just a part remortgage which hopefully won’t be due for repayment before death
moneysavingexpert.com/mortg … y-release/
As always MoneySavingExpert gives a good simple idea of what its all about.
Carryfast:
It’s all just a reflection of an over supplied labour market
Not many are saying there is a labour over supply at the moment?
Carryfast:
which you’ll lose the property anyway or have to downsize into a small hovel just delaying the bankruptcy for the privilege.
One or two living retirees in a family home that was bought for their (now flown) family, needs more heating and taxes paying, is likely older so needs more maintenance. Of course we are emotionally invested in homes more than houses, but the economics need looking at too.
Carryfast:
Or at worse being ripped off by the state pension system by increasing an already too high pension age which many won’t live to see or won’t live long after.
Carryfast:
.Workers should be retired on a decent pension by the age of 60 not raiding hard earned property equity to survive.
Carryfast:
the laughable propaganda that we’re all supposedly living longer
Life expectancy in the UK (apart from Covid) has been increasing for decades.
macrotrends.net/countries/G … expectancy
So, if are at school until we are…?..20. work until we are 60 you say, then live to 80…how is that funded in your idea?
40 years work funding 20 years retirement? As someone who is always moaning about paying taxes how do you see it happening?
(I bet I`ll regret asking such a question!)
Carryfast:
probably lose a lot of it to inheritance tax anyway.
Who “loses” in inheritance taxes? Not the person who earned the money, they are dead.
Taxes are needed to fund the short working life and long retirement you proposed above, but don`t want taxes to pay for.