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Seek Specialist Equity Release Advice
14/05/2010
SEEK SPECIALIST EQUITY RELEASE ADVICE
With rising fixed monthly costs, such as fuel bills, council tax, just every day needs like food. Many retired people look at alternative ways to boost their income or reduce outgoings. Many have fixed incomes and in the end may be forced to start to eat into their savings which starts to reduce their capital.
Quite a few are now looking at alternative options to help maintain their standard of living. With many turning to Equity Release. If this is the route that is taken, it is always best to seek independent financial advise from specialist advisers in the Equity Release market. They will be able to talk through all the options that are available and advice on the best provider and product most suitable for you.
Other alternatives are that you could consider down sizing and move to a smaller cheaper property. This option could cost you less in setting up charges. You would need to way up the total cost of moving, solicitor bills, moving costs and if you would have to pay stamp duty on your new property.
If you decide that moving house is the option for you. It would be advisable to discuss your options with your family first before seeking advice on Equity Release. This would avoid any surprises for them later and they might even be able to help by discussing other options for you.
Make sure that your advisers discusses with you all your benefit entitlements and they will be able to advise on long term care. The wrong advice could cost you dearly. The specialist adviser will also be able to advice on inheritance tax planning and help you mitigate the amount that would be owed on you death.
Once you have decided that Equity Release is the right option for you, only borrow what you need, you can always get extra at at later date. Ask you adviser about continued support, as it is best to have review meetings. Rates for Equity Release can alter as with any normal mortgage. At some time it might be best to move provider for a better interest rate. You need to know that your adviser will offer you a review meeting service.
Remember seek specialist Equity Release advice.
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