3 Responses to “Benefits of Using a Small Mortgage Company”

  1. Rob says:

    I need some help from anyone with any finanacial background or experience that is facing my parents.?
    My parents live in a flat that has not alot of money left after the mortgage is repayed, at the moment they are paying interest only on their mortgage. My father has 10 window cleaning contracts as he used to run a small company in London, when he semi retired about 11 years ago, some companies wanted to stay with him, but he is now nearly 80 and feels no enthusasium about getting new contracts.

    The 10 contracts he has arent worth much, and living day-to-day is a struggle. My parents would like to live in a retirement complex but have no money much to put any down on a flat.

    Would they benefit from selling these 10 contracts and trying to get benefit to continue to live where they are at present?

    If you have any advice that I could pass onto them, for their situation, I would really appreciate it.

    Thank you.

  2. Viv says:

    I don’t think it is a good idea to sell the contracts and recieve benefits for where they are. If your parents still have a high amount of mortgage on their property and cannot get the money to pay it they may find that the mortgagee with repossess the property. This can take some time however.
    If the property is owned they are unlikely to be entitled to a lot of benefits.
    If they wish to move there are many housing association properties that provide excellent accomodation for retired people – especially if the finances are tight, however this may involve your parents surrendering their property to the mortgagee and (i should imagine if they are on an interest only mortgage) left with a large amount of debt once the property has sold.
    References :

  3. TheRockLady says:

    You need to contact your senior sevices department of local government (usually something like Health and Human Services). They have senior programs set up for food, shelter, health care etc. Be persistent.

    Your parents are basically indigent. Interest-only payments just create debt. At their age, a credit report isn’t anything to fear so they need to get out of that situation, even if it means abandoning it. The contracts aren’t worth anything more than a few meals. You have a well established social system there – take advantage of it – your parents deserve it more than some lazy buffoon. Working the system takes perserverence – you need to help them negotiate the system. In the meantime, you should help them financially with basic needs and make sure they are eating decent meals and have basic health care – especially teeth and such.
    References :

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