As you enter into your twilight years it can often be extremely frustrating that you have worked hard and saved for years to own the roof over your head and yet in your lifetime you may not be able to benefit from the value of this key asset. With equity release it si possible to have your cake and eat it – you can maintain a roof over your head, one which you own, and also access some of the value within this roof.
Equity release schemes are a great way to access this equity and there are hundreds of providers across the UK giving you a wide range of options. In order to choose the best equity release scheme for your circumstances it is best to compare what is available on the market.
The first thing to do is shop around for different providers and compare equity release products. You can either do this yourself or use one of the comparison websites available. If you are less internet-savvy then it is always a good idea to approach reputable financial institutions and enquire about what they have on offer.
Another way of comparing equity release schemes is to contact the Safe Home Income Plans (SHIP). All of their providers must adhere to a strict set of rules, the SHIP Code of Conduct, which offers a great deal of protection to the customer. Remember that this is your home and therefore any contracts entered into must be done so with the utmost caution.
Also consider other options that are available as a means of releasing equity. Perhaps you could downsize on your property and release equity in this way therefore still owning your own home outright but without committing to a long term scheme such as equity release. Often downsizing has other related benefits such as a reduction in household expenditure. Whatever decision you make it is important to seek independent financial advice before committing.