Choosing an equity release plan
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.
For more on this read, Questions
to ask about equity release plans.
• 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.
If you're determined to go ahead, read Finding
equity release providers.
If
you are interested in finding out how much equity release
you could get for yourself, the calculator below will
give you a rough idea of what is possible.
To
get a more precise figure the best thing to do is to talk to
an Equity Release Specialist.
To contact a recommended one simply click the "Next"
button - after entering your figures - then fill out the quick
contact form. You will be contacted soon for a free, no obligation
quote.
Read
On / Equity Release Guide
Equity
Release General info
How
equity release works
Equity
release plans explained
Home
reversion schemes explained
Lifetime
mortgages explained
Types
of equity release plan
Finding
equity release provider
Choosing
an equity release plan
Questions
to ask
Complaining
about Equity Release
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