Benefits of sale and rent-back highlighted
29 October 2007
The principle of sale and rent-back schemes is "very positive" according to a leading industry firm.
Bridgewater Equity Release said that despite the negative press and horror stories associated with sale and rent-back schemes, the principle behind them is sound.
Peter Couch, director of equity release at Bridgewater said people looking at this option must ensure they use regulated providers and that they make sure they have guarantees they will not be turned out after a year.
"The principle of the rent-back scheme is actually a very positive thing because what it should mean is that the client loses the equity in their home but they still get to live in the home, which they may have emotional attachment to," Mr Couch said.
He advised those considering such schemes to make sure it is a regulated scheme.
"Make sure it has all the protections of your own solicitor," he said.
"And that the reason you are doing it is because you need to reduce your overheads and that your rent is below what you are paying now."
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