Guide to Starting Equity Release
Many people find themselves in a situation where their retirement fund is not enough to live on. This is especially true for those who have had long careers and are close to or at retirement age. Equity release can seem like the perfect solution, but it’s important that you know what you’re getting into before starting the process.
There are different types of equity release loans that offer different levels of risk and reward as well as differing amounts that can be accessed at any one time – even up to 25% with certain providers. People often choose this type of loan because it’s far cheaper than other options like bankruptcy or selling your home outright, but there are also certain risks involved such as not being able to pay off loans if you die before the end date (and, in some cases, a death clause).
It is important to know what you are getting into before entering any contract and make sure that equity release suits your individual needs. It’s also worth remembering that if you choose this path then your home will not be yours anymore – it belongs to the provider of the loan for as long as they hold onto it (and they can sell it at anytime).
However, that shouldn’t be seen as a negative because equity release can be the perfect solution for those who need to help themselves while they are still living in their homes. You won’t have to move and you can continue to live comfortably.
Also, it is important to note that it’s not the only option you have when it comes to managing your finances.