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Equity release is a mortgage product that allows you to remain living in your house without paying back the money you have borrowed during your lifetime. Giving you a lump sum or a steady source of income. This may be tempting if you have Equity locked away in your home and a small pension. But is it? Have you considered the effect of receiving a cash sum payment? Does it affect your benefits, your inheritance?
Equity release is a way of financing retirement.
Equity release products are offered by a number of companies and you should be aware that all equity release schemes have key factors and these are:
- It is an interest-only mortgage.
- It is secured against your main residence.
- You have to be over 55 years of age to have it.
Get the right Advice
Please note that this is a brief look at Equity release mortgages and as with any financial agreement you should always seek the advice of an Independent financial adviser before taking out such a product.They will also be able to update you on the newer and other products that are on the market which may be more suitable to your circumstances.
As we have previously mentioned you should speak to your family to avoid resentment and argument within the family after you have died.
There is certainly a lot to consider. You ultimately have to be comfortable with your decisions.