Equity Release Myths Debunked
Discover the truth about equity release with our expert insights. We address the most common myths and provide you with the facts you need to make informed decisions.
Equity Release Myths Debunked
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We understand Equity Release can be quite a daunting subject to understand. Here we help clear up some more frequently asked questions.
Equity release allows homeowners 55 years and over to access the wealth tied up in their property without the necessity to sell. Funds can be received as a lump sum or in smaller amounts.
No, one of the biggest myths is that equity release requires you to sell your home. In reality, you continue to own your home and live in it.
No, all plans we recommend come with a 'no negative equity guarantee' approved by the Equity Release Council, ensuring you never owe more than the value of your home.
Equity release carries risks like any financial product, but choosing a plan from a provider approved by the Equity Release Council ensures standards for safety and transparency. Risks can be managed with the right advice and choosing products that suit your circumstances.
Yes, you can still qualify for equity release. However, you must use the released funds to pay off your existing mortgage first.
Interest rates for equity release can vary, but due to competitive market conditions, rates have become more favourable. Additionally, interest compounds differently than a standard mortgage, which is a factor to consider.
Yes, most equity release plans are transferable to a new home as long as the new property meets the criteria set by the lender.
While equity release reduces the value of your estate, it doesn't necessarily eliminate the ability to leave an inheritance. You can choose a plan that allows you to ring-fence some of the value of your property as an inheritance for your family.
Absolutely! Contact us for a free consultation to explore your options and get all the information you need tailored to your personal circumstances.
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