Rat and Mouse
Wed
17
Jan
Some independent advice from the Daily Mirror

You could argue, I suppose, that if you choose to take financial advice from a tabloid newspaper you deserve everything you get. But I'm wondering if other Rat and Mouse readers feel at all uncomfortable about this - a feature in the Mirror Money pages about the joys of equity release.

At one time the only way for older home owners to cash in on their biggest asset was to sell up and rent or buy a much cheaper place often far away from family and friends. But now it is possible to have your cake and eat it.

The piece follows the fortunes of a pair of pensioners who re-mortgaged for £100,000, and are now in the happy position of having seen their property rise in value so much that it's paid off half the loan amount. The Mirror irresponsibly suggests that the house could rise in value enough in the next ten years to cover not just the rest of the loan but the interest, too. Possible, sure. But highly unlikely.

So why is the Mirror suddenly so bullish about equity release? Ah, read to the end:

Now the Daily Mirror has launched Mirrorsure Equity Release with Key Retirement Solutions. Homeowners aged over 60 can free up money for income or those little extras. This can be spent in any way you wish without having to make a monthly payment.

Classy.

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Comments

That's bad. Nicely done.

Posted by Ed at January 17, 2007 8:24 PM


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