Equity Release can be a powerful financial option to employ in later life, giving you the freedom to put some of the cash tied up in your property to good use. But just how do you go about making sure that your Equity Release experience is a good one? With our quick tips below, we’ll help to make sure you’re on the road to a positive outcome for your retirement.
The first key for Equity Release is to know exactly why you want to pursue it as an option. Is it to help grandchildren onto the property ladder? Or so that you can afford that dream retirement holiday lifestyle? The reasons for Equity Release are varied but knowing yours is a big key to success. Even if the aim is ‘to fund the retirement I’ve always wanted’, then make sure you know what that lifestyle entails!
Once you’ve carried out Equity Release, it can be surprising how many new options arrive for your newly released capital! The second key here is to make sure you are not distracted by other options whilst following your Equity Release plan through to a successful conclusion. Don’t be tempted to clear off other debts or splash out on a big purchase, for example, if they weren’t part of your original Equity Release goals.
Equity Release in later life can be a very powerful financial tool but don’t forget to pair it with other areas of finance to make sure you get the best overall experience. If you’ve just freed up a lot of capital, for example, then making sure you have a good plan for your inheritance, including an up to date will, can be a prudent step to take.
Each Equity Release arrangement can be very different so make sure that you understand exactly how yours is structured and what you will be left with in the end. This can take time, but it is absolutely worth it, as small differences between schemes can vastly vary your outcome.
As any financial adviser or Equity Release professional will tell you: it is an advanced solution, which should only be taken whilst consulting an experienced professional. An expert broker will be able to ensure you are getting both the best possible deal, and one that is entirely suitable for your aims and circumstances.
THINK CAREFULLY BEFORE SECURING OTHER DEBT AGAINST YOUR PROPERTY.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.
THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.