One of the most talked about and potentially viable alternatives to equity release is to take a bold step and downsize to a smaller property. The Office of Fair Trading recently covered downsizing as an alternative to a selling a house and renting it back. The OFT stated that:
‘Relocation may also be costly and sale on the open market may take a considerable period of time, particularly in the current climate.’
For some, house prices are back on the rise and certain kinds of house are particularly rising but this is not to say it will make the sale any quicker or the move any easier.
If you feel particularly vulnerable to the current market situation then releasing equity may well be a viable alternative to moving house for some.