Friday, January 18, 2008

how prevalent?

Thousands use equity release to beat debt

A rising number of older people are using equity release to raise cash to pay off their debts rather than to provide themselves with a retirement nest-egg. Working it out: Home owners released more than £1.4bn from their property in 2007

Posted by northamptonbear @ 01:37 PM (565 views)
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2 thoughts on “how prevalent?

  • little professor says:

    Equity release to beat debt???

    Surely equity release is just taking on more mortgage debt?

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  • japanese uncle says:

    Debt (borrowed money) under the original form of the equity release scheme as I saw in the advert 7-8 years ago, if my memory is correct, was meant to be repaid by the demise of the houseowner whose estate must waive the right to inherit the house, so he does not have to repay the money (at lease while he is alive.) This form of the equity release more or less makes sense. The scheme seems to have changed its nature in the meantime.

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