Q. My wife and I are both 72 and own our house. We each have a state and works pension but only a small amount of savings and would like to make some improvements to the house and garden to make it easier for us to manage in the future. We have heard about something called Equity Release but are not sure how this works and if this would be for us? A. Equity Release is a way of releasing the capital or equity from a property you own either as a lump sum or as a regular income and can be a useful way of freeing up capital for some people in some circumstances. There are various types of equity release products such as lifetime mortgages and home reversion schemes and there are many available from different companies. As such it is always best to seek advice from a qualified financial adviser who will be able to go through all the issues, financial details and pros and cons with you. In the first instance Age UK produces a useful free factsheet which covers all the things you need to consider and the various types of product on the market. We can also inform you how to access financial advice.
Posted on: Tue, 08 Oct 2013 08:09:23 +0000
Recently Viewed Topics
© 2015