Why using a home as a cash machine can pay off

Older people are increasingly using their homes as cash machines as the interest rates fall on equity release loans. The entry of Legal & General into the market has sparked a rate war and the Scottish Building Society is now offering a fixed rate of 2.74 per cent — two years ago a rate of 8 or 8.5 per cent was standard. The same lender also has a variable rate loan of 1.99 per cent…..