Equity Release

Remus. You do not give the value of your house.But say it is worth £150,000. You could probably only take out £75,000 on equity release.

This would not be enough to buy a property in the south, just provide a deposit. You would then need to take out a mortgage to pay for the rest of the house.

If the flat you buy costs £250,000, you would have a £50,000 deposit. The rest would go in buying expenses including stamp duty. You would need a mortgage for £200,000 and to get a mortgage that large you would need an annual income of around £60,000 minimum.

Your best solution would be to sell your current home and tuck the money you get away somewhere safe and then rent a property near your sister. The money from your flat could be used to top up your income to pay the rent.

Google 'rented retirement homes sisterstown'. This will produce a list of possible retirement homes in her area, or if you are not bothered about having a retirement home, look on Rightmove.

Not Equity release, if you want to move near your sister in a more expensive area you are probably going to be moving to a flat or an apartment, consider a retirement apartment, in a complex. It all depends on you pension income if your only income is state pension it will be difficult. Until this present crisis finishes sit tight.

You cannot take the equity to put into another house.
Sorry

I wouldn't have thought you could sell a house which you have taken equity release out on. Why not rent out your place and then rent down south and use any equity release to pay the difference as southern rents are probably higher.

Me too.

Slightly baffled by how that will work.