My parents entered a fairly disastrous equity release agreement a few years ago. The compound interest will entirely eclipse the value of their property within the next couple of years, but they feel unable to leave the address for sentimental reasons.
The paperwork is unambiguous and clearly advertised the terms and effect of the agreement. They were of sound mind when they made the arrangements.
We were just wondering whether there was a way to release them from the debt: potentially by way of a sale on terms that would allow them to remain in the property until death (they are both in their 80's).
Any ideas gratefully received. I and my siblings are all solvent, but we are all fairly extended with our own various mortgages and would not be in a position to make a private purchase to keep the property in our hands.