Equity Release - Benefits and Drawbacks
Like many others, you may be feeling the squeeze or simply want a little extra money to improve your life, - thats the benefit of equity release.
Benefits of Equity Release
You have no doubt spent many years working, juggling paying a mortgage and possibly raising a family. Now it's your time.
Providing you and any partner are over 55 and have little or no mortgage remaining on the property, you are now able to consider using an equity release scheme to release some of its value to help you enjoy your retirement or should you prefer continue to help your family.
Just imagine how much better your retirement would be, if you could only:
- Increase your income.
- Pay off any remaining mortgage or debts.
- Make those longed for home improvements.
- Buy that motorhome you have always wanted, to enable you to go exploring.
- Help younger family members find a deposit for their first home or help them through the recession.
...the choice is endless.
Whatever you would like to do, we can help you achieve it with an equity release scheme tailored to your needs and preferences and which will allow you to remain living in your home for the rest of your life.
Equity Release - Drawbacks
Just like anything else, releasing equity form your home will have drawbacks and will not be right for everyone. The Equity Release Centre is committed to ensuring that before arranging a scheme, we equally emphasise the drawbacks of doing equity release. The following are the main drawbacks common to any equity release scheme.
- Equity release schemes involve borrowing against, or selling all or part of your home and may work out more expensive in the long term than downsizing to a smaller property.
- Equity release may affect your entitlement to state benefits and grants.
- Releasing equity will inevitably reduce the value you have in your home and reduce the amount of inheritance you leave.
Different types of equity release schemes will also have more specific drawbacks. For more information on each please see lifetime mortgages - rollup, interest only lifetime mortgages, drawdown lifetime mortgages, fixed repayment lifetime mortgages or home reversion plans.
"Equity release" includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.
Further information on equity release
Clicking on any of the following links will allow you to find out more about key information on releasing equity from your home.
What types of schemes are there | How much can I release | Things to consider | What costs will I incur | How to request a brochure | How to book an appointment