There are many reasons that you might want to consider releasing the equity in your property, such as:
If you are struggling with debt, an equity release scheme may help you to pay off what you owe. This would enable you to consolidate your debts into one payment and reduce your monthly outgoings.
You could use the money you receive to take a once-in-a-lifetime holiday. Whether that’s to Antigua or Barcelona, you might finally be able to treat yourself to a dream cruise, for example. Unlike an ordinary mortgage, you won’t be paying interest and the amount will be reduced each month as the proportion of your home being sold is offset by fees.
Perhaps you have expensive repairs to be made or are wishing for a general spruce up of your house. Releasing the equity in your home can allow you to spend money on these home improvements so that you have more comfort and security in your own property. Lifetime mortgages and home reversion plans offered by members of the Equity Release Council come with a No Negative Equity guarantee, so you will never be expected to pay more than your property is worth. For more information from an Equity Release Solicitor, go to https://www.tivoli.legal
However, it’s important to think about all the pros and cons before making a permanent decision. Equity release is a big financial commitment and it’s advisable to seek specialist financial advice from an independent adviser.
