disastrous mortgage equity scheme/scam
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.