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Equity release to the rescue – Star Letter 13/03/2015

  • 13/03/2015
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Equity release to the rescue – Star Letter 13/03/2015
Each week Mortgage Solutions picks the most opinionated or thoughtful reader contributions from our article comments and letters to the editor.

This week’s award goes to: The case for defending equity release – Stockton

Nigel is undoubtedly correct when he says that advice needs to be handled sensitively but, for me, a whole generation will have no other option in retirement and so it is better that the equity release market comes of age. And does so quickly.

If you are over 60 you may have savings, you probably received an inheritance from your parents, your endowments more-or-less paid out and you might have had a final salary pension scheme. Interest rates may be low but life isn’t so bad.

If you are 20-30 you might be struggling to get on the housing ladder but you have time on your side.

For many in their 40s or 50s, their parents are spending their inheritance on care homes, their endowments are screwed, their pension provision is probably found wanting, they probably have few savings and they might be burdened by unsecured credit.

Not only that but they are under pressure to fund their children through higher education and even fund the deposit for their first home. But… they have benefitted from two or three house price booms. And so equity release will be their saving grace… And so Andrea Rosario will be a heroine for a generation!

Old Before My Time

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