Is Equity Release A Good Idea?
If you are asking ‘Is equity release a good idea? You need to consider the following bullet points:
- Could I use some extra money around the place?
- Do I want to leave my actual property, rather than a monetary inheritance, to my beneficiaries?
- Am I over the age of 55?
- Do I think property prices may go up or down in the future?
- Is there more I want to do in my retired years that I can’t currently afford to?
- Do I want the comfort of a cash cushion to draw upon if needed?
If you do want or need some extra money around the place and you don’t want to leave your property intact to your beneficiaries, then equity release is a good idea. If you do want to leave your property, then there may be alternative ways to raise the money you require. It is a decision to make based upon your current and long-term needs.
If you feel property prices will increase in the future, then it may well be an even better idea because the money you take now will be offset by future house prices. If you believe property prices will fall, then you will be comforted to know all equity release plans carry a no negative equity guarantee which promises that no matter how low house prices go in the future, you will never owe more than the value of your home.
Of course, it is important to get financial advice when determining whether it is a good idea or not, based on your personal circumstances.
Use our free online calculator to find out how much you could release today and receive a free guide: http://www.responsibleequityrelease.co.uk/equity-release-calculator/