Equity Release

edited 30 November -1 at 1:00AM in Scotland
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MacnabMacnab Forumite
314 Posts
edited 30 November -1 at 1:00AM in Scotland
Hi, I wonder if anyone has any experience of equity release in Scotland (not sure if rules differ from england they often do). My mother wants some extra cash to spend now, she has money in bonds but will be caught by a 17% charge on any money she withdraws. Her financial advisor (from when she lived in england) has suggested her using equity release on her property. However I have grave misgivings on this not least because she's 83 with terminal bowel cancer and most of these schemes seem to benefit those who live for quite a while after taking out this policy, otherwise the penalty's the families incur afterwards seem huge. Don't get me wrong I want her to use as much of her assets as she can but not by giving massive chunks away due to penalty clauses or inappropriate advice. Help she turns to me for advice, but I've no financial experience!



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