Equity Release Schemes

George1965

Hi, my Dad has just been hit hard in a divorce and has to pay out a large sum of money to his ex-wife but he has been allowed to keep the house. He is talking about an Equity Release scheme to free up some of the money in the house but we all think it's a bad idea as they come across as scams on old people.
Any advice or comments on these schemes would be appreciated.

missile

There are other ways to raise cash, the most obvious being a mortgage.

You cannot get blood from a stone and if he does not have the money then his ex would have to wait. Ofcourse her solicitor could demand the property is sold, but that is not so easy with a sitting tennat.

EdInvestor

Equity release is not a scam though it can be an expensive way to raise funds, much disliked by children as it tends to gobble up the inheritance.Usually it should be seen as a last resort with trading down a better alternative..

Use a reputable provider.

https://www.ship-ltd.org

George1965

Ah well , thanks for the responses. EdInvestor, just to be clear, it's not about inheritance, it's about stopping an 80 year old man being ripped apart more than he just has been.