Equity Release Schemes can be very complicated to understand for elderly customers, these schemes are availble from age 55 in the UK.
Because these Equity Release Schemes can be complicated therefore it is important to get independent financial advice. It is also a good idea to involve your family so they understand how the plans work and that there is no shocks when they come to inherit your estate. Of course if you do not wish to involve your family then that is your decision.
The charity Help The Aged recently did a mystery shop of home reversion providers and they used a 76 year old man that wanted to release £80,000 from his £280,000 property, the worst provider wanted a 62% share of the property and the best wanted 48.5%. The difference of £37,8000 which is why it is critical to get independent advice on Equity Release Schemes.
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