How do I know if equity release is right for me

Published 18/03/2016 11.42 AM   |    Updated 07/06/2017 09.09 AM
To find out if equity release is right for you, you might want to follow the 6 steps below: Step 1: Advice Find an equity release adviser you feel comfortable with. Your adviser will assess your personal situation and help you consider the alternatives of releasing income or capital that do not involve losing some of the equity in your home. Step 2: Talk to your family Discuss equity release with your family and intended beneficiaries to your will. They might be able to help you raise the money you need. Step 3: Personalised Illustration Based on your individual circumstances, your equity release adviser will prepare a personalised illustration for you to tell you exactly how equity release could work for you. Step 4: Independent legal advice If you don’t already have a family solicitor, find one who specialises in equity release. Your solicitor will not only sort out all the legal details but will make sure you fully understand how the lifetime mortgage works and all the implications before you go ahead. Step 5: Application, valuation & offer Once you and your adviser have decided on the right scheme, your home will be valued and you will be sent an offer detailing exactly how much equity you can release. Step 6: Completion If you are satisfied with all these details you can agree to take out an Equity Release scheme. Once you have signed the required documentation you will receive your money.

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