Thepropertydevelopmentcourse.com

*Archived June 2019 for subscribers only. Everyone needs to start addressing this issue at a local level. So Equity release schemes are usually available as either a lifetime mortgage or a 'home reversion plan'. In my opinion these are a scam with the aim of giving old vunerable people a tiny fraction of what their homes are worth in exchange for some upfront cash. These are sold to people who have paid their mortgage and are over 65, ie the most vunerable members of society. They let you 'release your equity in your home which is repayable on death or the sale of the property'. But what about the rolled-up interest on the money upfront WHICH IS A LOAN THAT ATTRACTS HUUUUGE INTEREST. The amount repayable depends on the initial sum borrowed and the number of years before the loan is repaid. If you borrow £50,000 and you pass away or sell the house 15 years later you or your estate could owe £200,000 so your house will be sold and your children or will gets nothing! With a 'home reversion plan', in theory you