Whether
you're considering a lifetime
mortgage or a home
reversion equity release plan, it's vital to
shop around for a good deal.
You need to
• Get quotes from a wide range of equity
release providers but for your protection, deal only with members
of the trade body Ship (Safe Home Income Plans).
• Compare all the terms and conditions,
even if it means reading a great deal of very boring, very
small print.
• Make sure you're clear on absolutely
everything and that you take all the costs and possible
penalties into account.
• Discuss the pros and cons of each
plan with your heirs to ensure they understand that they
could lose their inheritance. (You might find they would
rather lend you the money themselves.)
• Get independent legal and financial
advice including estimates of how much each plan could
cost you over various time scales, and how releasing equity
could reduce your eligibility for state benefits.
And finally
Ask yourself if you are absolutely certain you need the
cash, and that you can't find a less expensive way to access
it.
What about downsizing, other types of borrowing or even
state benefits?
Before you make a final decision, review all your options
one more time just to be sure.
Once you sign on the dotted line, it will be
too late to change your mind.
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