Research from leading mortgage broker, Henry Dannell , reveals that 39% of over-55s who have equity release plans are unaware of what happens to their plan if they were to die.
Equity release enables older people to cash in the wealth that is tied up in their property assets. This can be done in one lump sum, or paid in a series of instalments.
Despite the fact a good mortgage broker is likely to be able to find homeowners a much better product than they could secure themselves, well over a third of mortgage holders (39 per cent) have never used one. A survey of almost 2,000 mortgage holders conducted by mortgage broker Boon Brokers discovered that the number who had never used a broker rose to half (49 per cent) of over 55s. This...
