29 Nov 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.