I am considering releasing some equity out of my property, what's the best equity release scheme for me?
There is no right or wrong answer to this question. Which is best will depend on many factors such as:
- Your age.
- How much money you want.
- What your attitude is towards consuming equity in your property or selling ownership.
- Whether you are able and willing to make monthly repayments of interest. If so an interest only lifetime mortgage may be ideal as it will preserve more equity in your home.
- Your view of future house price inflation. If you are pessimistic, you may not like a roll up lifetime mortgage but prefer either an interest only lifetime mortgage or home reversion plan.
- Your health. If you feel you may live a long time you may prefer a fixed repayment lifetime mortgage, or home reversion plan to a roll up lifetime mortgage. Alternatively if you feel you may not live a long time and want to leave as much money to beneficiaries as possible, you may be happy to consider a roll up lifetime mortgage.
- Whether you want to guarantee that a certain percentage of your home will always be available to use yourself later in retirement or to leave to beneficiaries. If so, you may prefer a partial home reversion plan where any remaining share, not sold initially, would be retained by you and could be sold later to raise more money or be left to your beneficiaries.
Everyone has differing needs and therefore no one equity release scheme can hope to be the best.
Whilst you can use this website to get generic information on all of the different types of equity release plans available today and can find out approximately how much you might be able to release from your home, by using our online equity release calculator, it is no substitute for receiving professional impartial advice.
Impartial advice on equity release.
If you would like to benefit from an initial free, no obligation home consultation, with a professional adviser, simply complete our short online enquiry form and we will call you back to discuss a suitable appointment. We will then be able to help you evaluate whether equity release would be right for you and providing it is, to recommend an equity release scheme which best meets your needs.