If you are thinking about taking out an equity release mortgage then it would be useful for you to read this short guide on how to do your research.
Equity Release Mortgages are available from age 55 and what they allow you to do is release the equity from your property without making any monthly repayments. The equity can be turned into cash or can be taken as monthly income.
Before you consider an equity release mortgage you need to first of all ask your self “what do i need the money for”, for example is it needed to supplement your retirement income, or is it needed to help fund long term care costs. It is really important that you do understand what you need the money for as equity release loans are an expensive way of borrowing money.
Once you understand what you need the money for then it is time to seek professional help. You could go off yourself to the internet and research all the equity release companies and produce a list of benefits and features of each plan but this would take endless hours of your time. Instead you should seek the help of an independent financial adviser and in particular one that specialises in equity release mortgages.
You can get Equity Release Advice from Retirement Solutions on 0800 043 6701