BOSTON: Former tennis star Andrew Castle has slammed ‘rip-off’ equity release schemes.
The 51-year-old presenter said vulnerable people were being taken advantage of by big financial institutions, as he explained the plight of his wife’s elderly parents.
Andrew Castle has slammed ‘rip-off’ equity release schemes after one cost his elderly relatives ‘an extortionate sum’.
“It’s one of the biggest scandals,” said Mr Castle.
Mr Castle took his grievance to the authorities who were reportedly powerless to help, as the charges had been outlined in the paperwork his parents-in-law were provided.
Equity release schemes offer a way for older people strapped for cash to tap into the value of their home.
It works a bit like an ordinary mortgage, but instead of getting money to buy a house, a lender gives you cash based on the value of your house.
One independent financial firm warned: “While equity release can be worthwhile in some situations, it is fraught with potential pitfalls”…