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Equity Release

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jennyjoan | 20:38 Sat 14th Oct 2023 | Law
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Do any of you think it is good! Particularly if you own your house outright.  Erm what is it good for.  Thanks for any answers.

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That's not correct, OG. The property still remains yours, your benefactor/s 

no OG is correct

benefactors - chrissakes look the word up in a dictionary. heirs or beneficiaries. you should keep well away from legal questions

Any drawbacks for a couple in their late 70s and older with no relatives to leave their assets to? 

No means tested benefits to lose.

JJ have you checked that you are not entitled to some benefits?

barrry i wd sell and downsize

What if they live in a one bed ex-council flat in a deprived area?

OG was NOT correct. My mother and father did an equity release for about £20k back approx 20 years ago. The figure now owed is £40k. 

Age UK have very clear explanations, of both types of equity release.

https://www.ageuk.org.uk/globalassets/age-uk/documents/information-guides/ageukil6_equity_release_inf.pdf

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