Is equity release right for me?

For starters, there are a number of eligibility requirements, so you should check these out before thinking about whether equity release is a possibility for you. You can find more information on the eligibility criteria in our article Am I eligible for equity release?

Equity release may be suitable in a number of scenarios, but it will very much depend on your individual circumstances. You might want to take out an equity release plan if, for example, you have debts to pay off that have far higher interest rates, to cover the cost of care for yourself or a relative, or to increase your retirement income if you’re facing a shortfall, particularly with the rising living costs. In these circumstances, releasing equity from your home could be helpful, and you can continue to live in your home.

It may also be suitable for you if you don’t have children or other family who you wish to pass on an inheritance to, and so you want to focus on enjoying your life by making the most of your assets now. Alternatively, you may desperately need the money to fund care in your own home, as you don’t have enough income to pay for this.

Before deciding whether equity release is right for you, however, you must seek specialist advice and to make sure you fully understand the product (see below). If you do decide on equity release, the right plan for you will depend on your personal circumstances, and whether you’re keen to keep ownership of your property, or if you’re happy to sell part of it.

If you think equity release might be an option for you, you can see how much wealth you could unlock from your home with this free, easy to use calculator. Fill in a few details to get an estimate – and if you’d like some advice, arrange to speak to an expert.

Author: wpadmin

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