It's only natural that people are cautious when it comes to money issues, and as you get older this shouldn't change. This is why many people think carefully about whether an equity release scheme could be right for them. These advantages and disadvantages may give you an idea of whether you want to think a little longer about whether equity release is a realistic option for you.
One con for some people is the fact that choosing to release equity on your property could affect whether you are entitled to certain means tested benefits. Obviously if you are not receiving any such means tested benefits in the first place then equity release won't affect this.
Another disadvantage of equity release is that you often won't have quite as much to leave behind because the value of your estate may decrease. On the flipside, equity release has the advantage of allowing you to help your family out financially immediately. You'll also have the advantage of being able to see the benefits first hand.
While some equity release schemes may make a single large payment, others release the money at regular intervals. This is an advantage to people who need to be stricter with their budget and will ensure that they have enough money in the long run to live comfortably.
Finally, there is the advantage that being able to stay in your own home brings. This is often the deciding factor for many people who decide an equity release is right for them. Because although there may be other financial products that may leave you slightly better off financially, plenty of people find that being able to stay in the comfort of a house that they have come to call a home is worth more than money could buy.
One con for some people is the fact that choosing to release equity on your property could affect whether you are entitled to certain means tested benefits. Obviously if you are not receiving any such means tested benefits in the first place then equity release won't affect this.
Another disadvantage of equity release is that you often won't have quite as much to leave behind because the value of your estate may decrease. On the flipside, equity release has the advantage of allowing you to help your family out financially immediately. You'll also have the advantage of being able to see the benefits first hand.
While some equity release schemes may make a single large payment, others release the money at regular intervals. This is an advantage to people who need to be stricter with their budget and will ensure that they have enough money in the long run to live comfortably.
Finally, there is the advantage that being able to stay in your own home brings. This is often the deciding factor for many people who decide an equity release is right for them. Because although there may be other financial products that may leave you slightly better off financially, plenty of people find that being able to stay in the comfort of a house that they have come to call a home is worth more than money could buy.
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