Q: Hi, Does anyone know the real deal with these plans? My parents are looking for them and Ive read up on a good number, but seems a lot of bad vibes with them. They have no mortgage so why would they have to turn around and these people pay monthly fees? Any advice really needed. thx:
A:With an
equity release loan, it's not paid back until after you die and the house is sold.Meanwhile you are guaranteed the right to stay in the house and get a lump sum or income over your lifetime.
A:I do not understand why they have to turn round.
A:they have to pay because it is in effect a loan on the property.
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