Seeking Spanish Prosecutor’s Opinion on Equity Release
The Spanish Prosecution (Fiscalia) has appointed a Specialist Prosecutor for the protection and care of the elderly, named Fiscalía especialista en materia de protección y defensa de las personas mayores.
I’m sure many victims of the Equity Release will loath being tagged as elderly but the word “old” is used in this blog as a neutral descriptor, just meaning that a person has lived for so many years (some of us wish we actually live for so long!).
Having said this, old is here referred to a collectivity of people that, due to their age, were naturally worried about issues such as inheritance tax mitigation, having some disposable income and whilst trying to achieve this, not being kicked out of their homes to end up under some bridge in Estepona, Marbella, Altea or Calpe, to mention a few.
And so, one of the initial actions the Equity Release Victims Association will be carrying out is to report to the named Prosecution Service those banks that indulged in the illegal practice of sending the elderly to live under bridges, which is what could happen soon to a few and potentially, to hundreds, so that they fully investigate how these entities could have ever offered this product, in Spain.
Great to hear there a specialist prosecutor in Spain to look out for the vunerable elderly.It seems they are regularly preyed upon by the unscrupulous vultures of the world.To lose one’s home because of other peolpe’s wrong doing is truly criminal.
Well said Ruby.