Equity release advice from a trusted source can be very useful for those home-owners who are looking to access some of the value locked in their home. Life after retirement can be made much more enjoyable. People release equity for all sorts of reasons including home improvements, buying a car, holidays and gifting to family. At the same time getting the right equity release advice is essential as this is a big decision.
There are two main types of equity release, namely lifetime mortgage or home reversion plan. Choosing the right arrangement for you is very important. The right equity release advice will help you to have a deep understanding of the commitments and obligations that you will agree to, while selecting the equity release arrangement.
You should speak to an independent adviser who will research the whole equity release market for you. This is preferable to an adviser who is tied to one company or who works from a restricted panel of companies.
With equity release the value of your asset will get reduced and therefore there will be some reduction in the inheritance of your family. Hence it is encouraged for your family members to be involved in the equity release advice process. Professional equity release advice will help you to decide whether you are eligible for equity release or not as there are few criteria that have to be satisfied if you have to get the benefits of equity release. You and your spouse must be at least 55 years old, your property or your home must be valued at least at £70,000 and your home or other property must be of standard construction. There are limits to how much equity can be released and you cannot have another mortgage at the same time, although equity release can be used to repay a mortgage.
As this is a very important financial decision, it will be highly beneficial if you get good professional equity release advice to explore all possible options before making the final decision.
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