Beware of the equity release exit fee trap

Beware of the equity release exit fee trap

Homeowners hit with charges of up to £23,000 if they suddenly need to sell.

The loans have proved popular for those who are property-rich but cash-poor.

Borrowers can release money and don’t have to make monthly repayments.

The interest is rolled up until the homeowner goes into long-term care or dies.

But some homeowners suddenly need to sell due to unforseen circumstances.

These can include needing to downsize to a specially adapted house.

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