Sell and downsize
Selling your home and moving to a smaller, more economical property could leave you with a lump sum on completion.
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Equity Release
Considering using some of the value in your home? Our Winchmore Hill team helps you understand equity release, its costs and long-term implications, and the alternatives to consider before making a decision.
An equity release plan will reduce the value of your estate and can affect your eligibility for means-tested benefits.
Alternatives to consider first
Since equity release can be an expensive way to raise money when taking into consideration payment of arrangement fees or interest, you should also consider:
Benefits entitlement
Have you checked to see that you are getting all of the benefits you are entitled to? It may be that you are entitled to benefits that make equity release unnecessary.
Savings and investments
If you have savings or investments you may wish to consider this alternative before releasing equity.
Rent out a room
If your house is sufficiently large you might consider renting out a room to bring in regular extra income.
It is advised that you seek independent legal advice before entering into a legally binding equity release contract.