Equity Release – Is releasing cash from your home right for you?
Equity Release – Today, we are typically a cash poor but property rich society. For many people, your home is likely to be your biggest financial asset. It’s often worth much more than any other investments or savings.
However, getting your hands on this cash to pay for renovations, long-term care or retirement is a major step. It requires selling your home, downsizing or releasing your cash in some other way. There are lots of things to consider.
First off you need to understand clearly what’s involved. Releasing equity is simply the process of making the money in your home work for you, either by giving you a cash lump sum or a regular income. There are many options, depending on where you are in life.
Depending on your financial situation, we can help direct you towards the best option:
· helping you to consider the most appropriate way to generate cash or income;
· highlighting the risks and real costs involved;
· illustrating how the value of your estate will decrease;
· discussing the implications for your family on your death.
In addition to the Lifetime mortgages available there is also another option if you are in a position to make monthly payments of interest. There are now some lenders that offer Retirement Interest only mortgages. Thses should be considered as part of a review of your needs and preferences in reaching any decision to release equity from your home.
If you’re thinking seriously about releasing equity, we may consider things you haven’t. Why not talk through your ideas and concerns with us today?
Professional Equity Release advice for Aberdeen and Aberdeenshire.
Equity Release Advice
‘Equity Release’ includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.
David Butler holds the Certificate in Equity Release from the Chartered Insurance Institute and is a member of the Society of Mortgage Professionals.