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Agreed but would make sense for pension age folk to be able to borrow for things like care against the value of their house from national or local government for it to reclaimed at end of life.
Not sure the Starmer gov want to grow the state's holdings in that way, or what the granular mechanics of that would need to be, but I guess it could sneak by under the guide of another national interest investment scheme or however they are doing nationalisation-not-nationalisation this week.
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On the face of it, it seems a no-brainier. Your house is worth lots, you need a regular income for an undetermined, but finite period.
But on what terms? Whoever takes on the lending risk will want their money back, and more on top. You can end up with this rapacious bullshit:
https://www.bbc.co.uk/news/uk-england-nottinghamshire-67122324
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kl
@hugo7
Equity Release feels very much like a product that should be dominated by building societies and/or cooperatives.
On the face of it, it seems a no-brainier. Your house is worth lots, you need a regular income for an undetermined, but finite period.
It's supprising that there isn't a commonly used, straight forward and fairly priced product from a reputable organisation.