Things to consider before
applying for equity release
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There are a number of things you'll need to consider before releasing equity. Of course, we’ll discuss each of these with you before we make our recommendation to you. If you still have any questions, or if you would like to discuss equity release further with one of our specialist advisers call us on 0800 0155 142 today
Equity Release isn’t suitable for everyone, in all circumstances, so it’s important that you speak to a qualified equity release adviser before making a decision.
When releasing funds tied up in your home, an equity release plan may reduce the size of your estate. As a result it will reduce the amount that you would be able to pass on to any beneficiaries.
It’s possible that the extra funds made available to you by equity release could affect your entitlement to any means-tested state benefits, which you may receive now or in the future.
It may be worth considering whether your reason for releasing equity is essential or whether there are other ways to secure the funds, such as from a family member or a grant.
The money released and any interest accrued is repayable on death or if moving into long term care.
Equity release requires paying off any outstanding loans or mortgages secured against your home, so you may be required to borrow more money in order to do so.