Equity release should be a last resort says Which?

The organisation says borrowing £80,000 through a typical lump sum roll-up equity release scheme on a £350,000 property could end up costing £256,570 after 20 years or £343,350 after 25 years. For older people, equity release schemes may seem like a good way of raising money but Which? claims they are high-risk products. and argues other alternatives to equity release should be considered first, such as downsizing or even borrowing from family, who could be paid back when the house is eventually sold. It also says those who need to increase their income should check their eligibility for ...