Hi, I recieve a medical pension from the RAF (£500 a month for life) I have tried to find a company to buy me out, but i think its impossible to do, so i'm looking into get a long term loan as a way of releasing it. I'm 29 years old, so £500 a month up till if i live till 75 then it will amass to a hell of a lot of money, but i want a lump sum now.
I have a mortgage already, and the money would be used for home improvements and to start a business. I'm looking for about 70k, but am i crazy for doing this? My wife works full time, and we can survive (just) on her basic wages.
Just after some advice or ideas etc? Am i crazy for getting a huge loan, or is it a way round unlocking it, as when i'm 55 the loan would be paid off and would get my pension again... not sure what to do for best really