A Brief Guide To Equity Release In Retirement
Equity release is not without its risks and three alternatives should be considered. Firstly, downsizing can be the simplest and most cost effective way to realize capital. Secondly, look to any existing savings. Thirdly, find out if any grants are available for home improvements to better equip the property for retirement living.
Next, look at the equity release products in detail, discussing the options with a professional advisor. Be aware that some schemes on the market make similar promises to bone fide equity release products, but are neither safe nor good value. Pitfalls await the unsuspecting and although many of the worst offending schemes have been outlawed, some plans involving standard variable interest rates, for example, are still being sold. These may look attractive but can become a financial burden in unfavourable market conditions.
Equity release schemes endorsed by SHIP (Safe Home Income Plan) have a 'no negative equity guarantee' that ensures no debt can be passed on to your estate. Members of SHIP also agree to provide fair, simple and complete presentation of equity release plans.
Related Tags: property, real estate, retire, retirement, uk, financing, funding, britain, equity release, retirees
Dominic Whiting is publisher of the Retirement Property guide http://www.buyinginguides.infoYour Article Search Directory : Find in Articles
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