To: Rachel Reeves, Chancellor of the Exchequer
Stop Rip off Equity Releases
Many people, especially older individuals struggling in today’s chaotic environment, feel forced to take out equity release to support themselves and their loved ones.
However, they often find themselves with nothing left to leave their families.
Because interest compounds daily, the debt quickly devours the property's value. Without an option to opt out, these "lifetime mortgages" truly live up to their name.
The Chancellor should change how the equity release markets operate.
However, they often find themselves with nothing left to leave their families.
Because interest compounds daily, the debt quickly devours the property's value. Without an option to opt out, these "lifetime mortgages" truly live up to their name.
The Chancellor should change how the equity release markets operate.
Why is this important?
For instance the interest rates they charge are always above the bank rate, why?
When the person who took out the equity release passes the company takes the property, sells it and pockets the money which more than compensates for their original outlay. It’s immoral, unfair and something needs to be done.
Equity Release is initially a good way of getting much needed funding but once you have the funds you are virtually worthless.
There must be a better way a more fairer way so that people who have invested their whole lives into a property hoping to leave something behind for their children and grandchildren.
Please support this petition by signing and sending it to as many people as you can. Thankyou
Perhaps you know someone. A parent or a friends parent who have taken equity release to help in getting much needed funding and end up with nothing to show for their lifetime working. Please support this campaign
When the person who took out the equity release passes the company takes the property, sells it and pockets the money which more than compensates for their original outlay. It’s immoral, unfair and something needs to be done.
Equity Release is initially a good way of getting much needed funding but once you have the funds you are virtually worthless.
There must be a better way a more fairer way so that people who have invested their whole lives into a property hoping to leave something behind for their children and grandchildren.
Please support this petition by signing and sending it to as many people as you can. Thankyou
Perhaps you know someone. A parent or a friends parent who have taken equity release to help in getting much needed funding and end up with nothing to show for their lifetime working. Please support this campaign
