equity release scandal.

I think equity release will be exposed as a scandal in time to that as big as the PPI disgrace. A man told me today that unbeknown to him or the rest of the family his parents took out £70,000 equity release sum some years ago. His mother has now got dementia so they were hoping to sell her bungalow to cover the nursing home fees. However his solicitor has told him that despite the bungalow being sold for for £325,000 after the equity release loan and interest plus all fees are paid there will only be £9,500 left over. So in effect his parents sold a 3 bed bungalow for £70,000. Equity release company are taking £236.000