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Homeowners 'delighted' by equity release scheme
1 December 2008 15:50
An overwhelming majority of equity release customers have expressed their delight with the scheme, an investigation has shown.
A study by Norwich Union found that 87 per cent of homeowners who opted to release equity from their property were either extremely or very satisfied with the service they had received.
Anthony Rafferty, head of marketing for post retirement division at Norwich Union, said one of the factors behind its success was that the firm has a thorough advice service which does not recommend equity release to homeowners unless it is suitable.
He added that equity release was good way of releasing money from a property, but ultimately, was not the right solution for everyone.
Equity release is a way of releasing cash by either selling a percentage of a property or securing a loan against your house.
According to Norwich Union, only about one in five homeowners who express an interest in the plan actually go through with it.
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