Two Main Reasons Why Equity Release Schemes are Avoided by Many Retired Homeowners in the UK

The sad part for many people who decide against equity release to preserve inheritance is that they eventually enter into residential care

. Their property then becomes liable for care fees. The average annual cost of residential care in the UK now exceeds thirty thousand pounds. Therefore entering into a residential care home could greatly reduce or extinguish the family inheritance. However a lifetime mortgage taken out at a time when there was no prospect of the need for residential care could improve your lifestyle and help your heirs whilst you are still alive. For instance helping young relatives get on the mortgage ladder.

Two Main Reasons Why Equity Release Schemes are Avoided by Many Retired Homeowners in the UK

By: shaun dalton

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