With the property market buoyant, many people are considering releasing the equity from their home in order to increase their income or generate a lump sum. There has been much bad press about equity release schemes in the past and some of them are still going on, especially regarding people not understanding what they are doing.
Basically, there are two types of equity release and they are very different. For most people aged at least 55, you will only have the choice of a mortgage type option. However, once you reach 60 and 65 you might be offered a home reversion scheme. Although there is no chance of being forced out of your home any longer if you use a company that is approved as safe, there are still massive differences between the companies that offer these schemes. The added problem is that the Financial Services Authority does not currently regulate equity release schemes and that means less protection for you if things go wrong.
If you are considering equity release, in whatever shape or form, take some advice regarding the different types. You canTelephone us for a free, no obligation chat or meeting or use our discount Ask An Adviser service or Request a copy of our free equity release fact sheet.