What Not To Do when Applying For Equity Release
You’ve worked hard all your life and now you’re ready for retirement. You want to give it everything you can, so you start looking into equity release as a way of accessing the money that’s tied up in your home. But if you don’t do your research first, you could end up making mistakes that cost thousands of pounds! You should always talk with an expert like Joslin Rhodes.
First, there’s the idea that you’re selling off your home.
Second, many people think they can take an equity release and then sell their house on for a profit at a later date. This may be true if you have enough money to repay all of your borrowing costs before moving out or if your property value has increased by more than the amount borrowed since taking out the loan – but it’s definitely not guaranteed!
Third, some believe they’ll lose their existing mortgage deal with another provider when taking an equity release plan from someone else. This is incorrect – as long as you’ve told them about any plans regarding equity release beforehand, there should be no problem! Finally, we come to one of our most common mistakes: thinking that Equity Release is just for those who have a big debt to pay off.
In fact, it can be used as an alternative to downsizing – so you don’t need a large mortgage anymore! Instead of moving house and having higher monthly repayments, you can stay where you are and let your home help with the cost of retirement instead.
What do we want our readers to remember? That equity release isn’t always about paying debts or getting rid of current financial issues – there’s another way that might suit them better! It could also save them money in other ways too if they choose correctly when taking out their loan, which means more cash at the end of the day…and crucially, less stress from working out how best to finance retirement.
So, if you’re considering equity release, make sure to avoid these common mistakes – and speak to an expert first! They’ll be more than happy to help guide you through the process and find the best solution for your individual needs.