Equity release - points to consider
Equity release schemes allow you to take advantage of your home's value in a safe and secure way. You can unlock the equity built in your home without having to move home or make monthly repayments. Equity release has been very popular way for homeowners to improve their lifestyles in retirement. However there are some important considerations you need to discuss with your independent financial adviser first.
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- Your entitlement to states benefits and government grants may be affected if you release cash from your home.
- Equity release is a lifetime commitment and therefore a long term obligation – do not view this as a short term solution to access cash.
- Be sure of your reasons for equity release and your objectives, such as increasing your monthly income. This will help ensure the right product is recommended to you.
- Ask you family for family assistance or review your investments & outgoings to increase your disposable income. This might protect the value of your Estate on death.
- You might be better selling your home and moving somewhere cheaper to release cash. This would likely involve fees and finding something you like for a lower price might be tough.
- All equity release plans will reduce the value of your Estate so discuss your intentions with family before you take any steps.
- Always look to speak to a suitably qualified independent financial adviser. We provide access to an independent adviser on a no obligation basis.
- You will still be responsible for the upkeep and maintaining your home and continuing to pay for your own home insurance
- Each applicant should take independent legal advice before the contract begins to ensure the fully understand the legal implications of a mortgage or reversion contract.
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