As
the name suggests, equity release plans
allow you to boost your income by freeing up part of the
value of your home.
They are offered by a range of specialist providers and
most are available only to homeowners aged 60 and above.
Basically, the lender gives you a loan and in exchange charges
interest or takes a proportion of the eventual sale price
of your property.
However, equity release is both complicated
and very costly, so it should always be considered a last
resort.
Advantages of
Equity Release
You use your equity in your property
get hold of extra cash to help you enjoy your retirement, without
having to sell up and move to a cheaper property.
The Disadvantages of
Equity Release
Equity release schemes tend to be extremely complex and
offer poor value for money.
If you really need to raise the money, consider an ordinary
mortgage (possibly with a mortgage
guarantor), a personal loan or even downsizing
first.
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