Equity release is an elegant solution to the problem of insufficient income during your retirement years. If you are worried about your funding later in life, you may well be considering accessing the capital tied up in your home.
There are many variations on the equity scheme, however, each one is, at heart, a means by which to retain occupancy of your home while at the same time using it to generate income. This kind of loan is designed so that it will come to term only after the borrower’s lifetime, at which point it is repaid with the sale of the property.
Because there is such variety within the field of equity release, it is a good idea that you get some sound advice before you decide firmly on a particular scheme. The equity release solicitors alliance is, for example, a good avenue down which to turn in order to find guidance when it comes to making the right choice.
With the help of this kind of professional, you will find that it is infinitely easier, too, to navigate the complex set up costs that come with certain equity release schemes. Unless you choose the right policy, you will find that you can spend a fortune on arrangement fees, valuation fees and legal fees as well.
Equity release is a great option for those who are keen to bolster their income during retirement. However, unless you pick the right policy from the outset, this kind of scheme can saddle you with a wide range of unforeseen bills.