Equity Release Considerations
If you have family, then it is a good idea to discuss with them before going through with equity release. Remember that equity release plans will ultimately reduce the size of the inheritance, and can cause uncertainty about what amount they will inherit.
Of course it is your choice whether to undertake an equity release scheme, being frank with your family and discussing upfront will prevent problems arising down the line. Some people discover that, when discussing equity release with their family, they actually find other ways of getting the money they need; even being helped out financially by offspring or relatives for instance.
There are also alternatives. If you have no massive attachment to your particular home then one option would be to move to a less expensive house (which does not always necessarily mean smaller), and to realise some money in that way. If you sell your house for £250,000 and buy one that costs £200,000 then even with the various costs taken into account, you will still have a nice lump sum of money. You may even have other investments or assets which could be used to get you the money you need.
At the very least if you do decide to go with the equity release route, then you should certainly consider getting independent financial advice, and indeed legal advice too. This is recommended by the likes of the FSA. So it is definitely worth getting in touch with an Independent Financial Adviser.
More property related articles:
- Choosing Commercial Premises
- Renting Out a Room
- Buying Old Property
- Current account mortgages
- Commercial mortgage fees and repayments
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