Equity release cash hits record level

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Last month I reported that the amount of money older people were taking out of their home through equity release plans had reached a record of £3 billion. The schemes have always received some negative press because when the homeowner dies and the debt is repaid there could be nothing left. However, some schemes allow you to borrow against only half your house, so when the final day comes there will still be plenty left over to pass on to your heirs and in the meantime you can get your hands on some extra cash to ensure that the final years are spent in some comfort.

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