DOOM: Retirement

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ladymuck replied

1 November 2020, 19:33
Originally posted by AtW View Post

“ Retirement plans in jeopardy: equity release could be blocked if house prices crash

Clauses hidden in the small print allow equity release providers to halt further drawdowns

Homeowners who use equity release to capitalise on soaring house prices could find their retirement dreams in tatters if prices fall as forecast in 2021.

Property values have soared since the Government said stamp duty would be waived for the vast majority of property purchases until March 31. The rises have persuaded many over-55s that now is the time to cash in, given the widespread predictions that prices will fall once the tax break is removed.

However, experts have warned that many equity release plans include clauses that could prevent borrowers from releasing more money in the future should that happen. Retirement plans could be jeopardised if they are relying on cash being released. Others may be prevented from releasing cash to help their children or grandchildren.“

Retirement plans in jeopardy: equity release could be blocked if house prices crash

Word of the wise - don’t get retarded in 2021...

Retarded? I fear that may be too late for many of our brethren.
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AtW started a topic DOOM: Retirement

1 November 2020, 19:21
DOOM: Retirement

“ Retirement plans in jeopardy: equity release could be blocked if house prices crash

Clauses hidden in the small print allow equity release providers to halt further drawdowns

Homeowners who use equity release to capitalise on soaring house prices could find their retirement dreams in tatters if prices fall as forecast in 2021.

Property values have soared since the Government said stamp duty would be waived for the vast majority of property purchases until March 31. The rises have persuaded many over-55s that now is the time to cash in, given the widespread predictions that prices will fall once the tax break is removed.

However, experts have warned that many equity release plans include clauses that could prevent borrowers from releasing more money in the future should that happen. Retirement plans could be jeopardised if they are relying on cash being released. Others may be prevented from releasing cash to help their children or grandchildren.“

Retirement plans in jeopardy: equity release could be blocked if house prices crash

Word of the wise - don’t get retarded in 2021...
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