In my line of work as an independent financial advisor, I am often asked many questions about the financial product equity release. One of the most asked questions is a simple one; "Is equity release for me?". I get asked that question lots because I feel it is the most important question you can have about equity release. If you do not know why you would need equity release then it is not for you; it's as simple as that. So the best bit of advice someone can get about home reversion and equity release mortgages is this: think long and hard for a reason why you need equity release.
Most of the time, this will be obvious and will come to mind straight away. However, other times you will have to think about it. The golden rule then is that if you have to think for a long time, then chances are equity release is not for you. Reasons to release equity are countless. You may need some extra money to travel around the globe. You may also need some cash to help fund your grand children's education or to give some money to your children to help them through this turbulent economy and the troubled times ahead. You may want to buy a holiday home closer to your family so you can take extended trips.
These are all valid reasons to take out home reversion plans and equity release mortgages. What do they have in common? Nothing much. All they have in common is that they are real and genuine reasons to release equity. Without a valid reason, you should not take out equity release mortgages or home reversion plans - full stop. A reason is as good as any other but you must first have a reason. Answering the question is equity release for me is as simple as knowing why you want it and calculating the relevant risks.
Nema komentara:
Objavi komentar