Release equity for annuity losses

Posted in Equity Release Video News

6th July 2010

People are losing out on thousands of pounds from their annuity by not disclosing medical conditions, so they might want to get an equity release scheme to make up the difference.

Research from MGM Advantage shows that more than three in four (77 per cent) people aged over 55 are unaware that certain medical conditions could earn them a larger payout from their annuity.

The findings also show that nearly six in ten (59 per cent) would qualify for more money, if only they told their annuity provider.

People who feel as though they have missed out could consult an online equity release calculator to see how much extra cash they could withdraw from their home.

The figures show that for the first five years of a £50,000 annuity, a woman could miss out on nearly £3,500 (£3,407.65), whilst a man could lose close to £4,000 (£3,823.50).

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