Maybe not, says Jon Robins, but it pays to think carefully before unlocking the money in your homeAt a time of overstretched pensions and low interest rates, it is hardly surprising that many older homeowners are planning to cash in some of the equity in their homes to make their golden years more comfortable. It is reckoned that Britain’s over-65s are sitting on £460bn worth of bricks and mortar, so more’s the pity that equity release – the principal mechanism for unlocking that cash – consistently receives such a bad press.A recent report by Which? (formerly the Consumers’ Association) called such schemes an ‘option of last resort’. ‘Equity release should come with a warning,’ it pronounced. ‘They are very expensive and can leave you with little or no equity in your home if you keep one for 20 or 25 years.’ Continue reading…
Source : theguardian.com
Read more…So is equity release really that bad?
