Pros and Cons of Equity Release
Whether you want to fund home improvements, boost your pension or help relatives financially, equity release can offer you the opportunity to use your property wealth in retirement without having to sell up and move. But like any big financial decision, it’s worth taking the time to weigh up the pros and cons of equity release.
There are many myths surrounding equity release so it’s important to get independent advice before committing. For example, some people worry they won’t be able to sell their home once they take out a lifetime mortgage or that their estate will owe more than the property’s value when they die or go into long term care. It’s important to understand that you can continue to live in your own home and, providing the lender has a ’no negative equity guarantee’, you will never owe more than your property is worth.
Releasing equity can also affect state benefits so it’s crucial to consider how this could impact your circumstances before committing. An independent adviser can help you work out if releasing equity is right for you and can research all the plans on the market to find the best deal. For advice from an Equity Release Solicitor, contact Tivoli.
You can check that your Equity Release Solicitor is a member of the Equity Release Council using their Find a Member directory and that they follow the trade body’s strict rules and safeguards which go beyond the FCA regulations. This helps to ensure that they can give you advice which is impartial, clear and transparent.
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