SAN FRANCISCO: The level of complaints about equity release continues to rise around the world, despite a drop in take-up rates in most countries which permit the product.
The worst complaint to surface this week was a $200,000 reverse equity loan which cost $500,000.
The ombudsman now applies a test to each complaint. If the customer could have raised the money in a different, less expensive way, then the deal is unwound, and damages can apply…