Age Space Caregiver Forum

disastrous mortgage equity scheme/scam

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Heard a horrific story today about a couple who, unbeknownst to their children, decided to pay for their old age by getting involved in some sort of mortgage equity scheme – essentially selling a large chunk of their home to a “reputable” bank in exchange for an income/lump sum.  Didn’t ask for all the gory details, but basically when it came to sell the house, they were left with a tiny tiny amount, not enough for what they needed.   Their children knew nothing until it came to sell – and are heartbroken for their elderly parents.  Just a timely note to self to try and chat with the antiques about funding and the danger of apparently reputable weird schemes – presumably in this case – small print or excessive interest charges must have contributed.  No such thing as a free lunch.   Scary scary scary. 


  • Heard a horrific story today about a couple who, unbeknownst to their children, decided to pay for their old age by getting involved in some sort of mortgage equity scheme – essentially selling a large chunk of their home to a “reputable” bank in exchange for an income/lump sum.  Didn’t ask for all the gory details, but basically when it came to sell the house, they were left with a tiny tiny amount, not enough for what they needed.   Their children knew nothing until it came to sell – and are heartbroken for their elderly parents.  Just a timely note to self to try and chat with the antiques about funding and the danger of apparently reputable weird schemes – presumably in this case – small print or excessive interest charges must have contributed.  No such thing as a free lunch.   Scary scary scary. 

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