Sunday 19 February 2017

Debt stalks the elderly, eyeing up their homes

Published 16/01/2016 | 02:30

'€300m is tied up in equity-release loans'
'€300m is tied up in equity-release loans'

It's been said that every time you borrow money, you are robbing your future self. The bitter truth of that somewhat smug observation is quite literally coming home, with the emergence of a new class of debtors among the elderly.

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Older people were tempted to avail of a range of products allowing them to take some of the cash value out of their houses, to be paid back later.

However, when compounded interest is added to the capital throughout the term of the loan, the total balloons.

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