For clients struggling to raise cash to pay for long term care, equity release could be an option. Peter Fisher explains
Recently, there has been a lot of coverage from various mortgage experts extolling the vast amounts of easy business that awaits lenders and mortgage brokers. The Council of Mortgage Lenders (CML) estimates the market potential at up to £100 billion while 2003 generated just over £1 billion of new completions. For those new to the equity release market, the following definitions will serve as a useful introduction. Equity release is a generic term that covers all methods of releasing funds from residential property for elderly homeowners, usually aged 60 or over. It is normally financed in...
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