alternatives to equity release

5. Credit cards and loans. If you have plenty of space available in your home, you could think about renting out a room to raise extra income. Have you fully investigated all options as to your entitlement to state benefits? It may prove a useful resource, as some benefits are, and others aren't affected by equity release. Equity release is typically only available to people over the age of 55; you don’t need to have paid off the full mortgage either. further details. George McGinnie. Learn how they work. But what are your other options if you need to raise some extra money? "Clear and simple advice"That's the Money Release promise! To find a local HIA you can visit www.findmyhia.org.uk/about. In addition, your home could be at risk if you don’t keep up with the payments. There are several alternatives to Equity Release of which every customer should be aware. Alternatives to equity release. 5 by Feefo.com based on If you can avoid having an equity release plan, you will likely have more inheritance to leave beneficiaries in the future too. A retirement interest-only mortgage is an alternative to equity release, and more lenders are starting to offer these products. Everything you need to know about equity release and the alternatives Sean LaPointe 1 hr ago Median rent in Manhattan falls below $3,000 for first time in nearly a decade Whereas with a Home Reversion plan you are selling part or all of your property but can remain in the property for the remainder of your life. Our elegibility calculator is FREE and easy to use.Simply complete the form below. Does equity release affect benefits? Before you choose equity release, it’s worth exploring the alternatives. Find out the maximum amount of money you could borrow with equity release. it is likely, however, that you will need to provide evidence of an income as proof that you will be able to make the monthly payments. Mortgages that continue into retirement based on income and affordability. Downsizing 2. That said, however, they are not for everyone, which means it is important that homeowners research the pros and cons of equity release, alongside the alternatives available. If your children have grown older and you have more space in your home, one alternative could be to move to a smaller property to help free up cash. Learn more here. An alternative to equity release Equity release has become a popular option for those approaching or already in retirement to free up money from the home that they own. Continue reading to get the full details of the alternatives … Equity release schemes are legitimate and beneficial ways for people to borrow money. And you are only required to make monthly interest payments to keep the capital owed level. While it’s true that thousands of people use equity release schemes every year to fund anything from home improvements, repaying debts, gifts to children and round-the-world trips - it’s certainly not for everyone. So, what alternative is there? Retirement Interest Only (RIO) Mortgages. Some local councils may be able to help with the cost of any urgent home alterations, so do check with your council or HIA. This guide has been written by Andy Vickery CertCII (MP & ER). Move home Advantages Disadvantages • Selling your home and moving to a smaller property or a different area can generate a lump sum of money. Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are over the age of 55. Find out the maximum you could borrow with a retirement interest only mortgage (RIO) – a residential mortgage, based on income that allows you to borrow on an open - ended basis into retirement. Lifetime mortgage where regular interest repayments help control the final balance to be repaid. Equity Release Supermarket The most popular equity release scheme. I have even known clients enjoying the extra company of having other people live in their home. Call us on 0207 158 0881 or use our online form to book your FREE consultation. Complete our online calculator (no personal information is needed), and you will find out the maximum that you may be able to release. An equity release scheme allows homeowners to access the value of their property to receive more cash to prepare for retirement. This, in turn, affects their rights and how you can end the tenancy. If you’re not sure whether downsizing is right for you, you could still … You remortgage the property on a 50% LTV ratio raising £125,000. If your need is for an immediate lump sum of If the amount of money you require is small, you may want to consider a personal loan or using credit cards. You can visit their website www.independenceathome.org.uk to find out more about the work they do. Read more:- https://www.prosper… Registered OfficeHarwood House43 Harwood RoadLondonSW6 4QP, Head Office9 Linnet GardensPortisheadBristolBS20 7NB. Consider downsizing your home . Money Release Limited is registered in England No. If you found this article interesting, why not share it with your friends? However, equity release poses several challenges and risks that not all homeowners wish to undertake. In fact, recent research from Prudential found that almost four million over 55s are planning to downsize in retirement. Income periods of between 10 - 25 years are available to meet your retirement income needs. Find out how much you could borrow by selling a percentage of your property for a cash lump sum. However, there are some very important factors to take into consideration before committing to anything. Some sales-back lease companies and homeownership investors “have found” a need for debt-free, equity access and … Alternatives to equity release Chris Torney / 11 August 2016 ( 16 August 2018 ) Tweet. There are many reasons for using equity release either as a lump sum or income although it is not suitable for everyone so before taking any action you should consider the alternatives. Have you checked whether you have any deferred pension arrangements? For some clients, this is not something which they want to do, whereas for others it's not something they can do. Our alternative to equity release. However, equity release poses several challenges and risks that not all homeowners wish to undertake. Do you have any private pensions from which you can draw money? A flexible cash reserve allows you to receive money in smaller amounts. is rated The many alternative options available to you are discussed here. Contact Your Lender. An equity release scheme allows homeowners to access the value of their property to receive more cash to prepare for retirement. Alternatives to Equity Release What alternatives should I consider before releasing equity from my home? We can work with your financial advisor offering your pension advice to provide a holistic view of your options available. Platforms like AirBNB and SpareRoom.co.uk have made it easier than ever to let your home on a flexible basis, and this is a great way to test whether you might want to get a longer-term lodger. There are many costs and emotional considerations when down-sizing and these include: If you find yourself struggling to live within your means in retirement, you could reassess your finances and see if there are any areas where you could cut back or save money by reviewing your utility bills. Learn how they work. These include: It sounds like a simple alternative, but you should consider moving to a … Free to use, equity release calculator range. It won't be able to provide you with a cash lump sum, but it could be a great way to provide you with extra spare money each month. These are other choices available that could mean that Equity Release is not the right option for you. But proceed with caution: as a proprietor, you will have certain responsibilities you must fulfil, so it’s worth educating yourself on what to expect before letting anyone into your home. Indeed, having financial freedom is something we all want, but it’s essential that you weigh up the pros and cons of equity release before you raise money in this way. Equity release is a way of spending your home’s value whilst you’re still living there. 4.9 out of Learn all about equity release. Alternatives to Equity Release Products “Find a need and fill it,” said Henry Kaiser, a foremost single and multi-family developer during the mid-20thC. If you have some personal belongings which you no longer want or need, why not consider selling them? Downsizing. I have also written an article to explore the effects of equity release on benefit entitlements in more detail. I have written an article on using equity release to purchase a property which may prove valuable. For homeowners over 55 that want to access the money tied up in their home. Equity release schemes should not be taken lightly and it’s important that all alternative forms of lending and possible solutions explored which could save the estate a substantial amount of money at the end of the day. Find out what’s involved and how long it takes. For example, you could consider downsizing, remortgaging, renting a room or getting a part-time job. Would you consider renting out a room in your house to help you to achieve your financial goals? I often use www.entitledto.co.uk to explore what benefits may be available for clients. Edison, NJ -- -- 12/29/2020 -- Alternative Finance Market Comprehensive Study is an expert … It can be a great way to meet people and stay active within the local community too. The way you share your home with a lodger will also affect what kind of tenancy they have. receive any more emails or calls from us at any time. While a qualified equity release advisor has written this guide, it is not intended to be used as financial nor legal advice and should not be relied upon. Income plans allow you to supplement your retirement income. I am not suggesting selling priceless family heirlooms, but you may be surprised at the sum of your other assets you'd be happy to live without. Learn how you could borrow more, or lower your rate here. Yes. Learn what the other qualifying criteria are for equity release. But it does not mean that it is the only one from which they can release money. These are some of the alternatives to equity release: Savings, investments or other assets that could be drawn on However, equity release poses several challenges and risks that not all homeowners wish to undertake. However, equity release poses several challenges and risks that not all homeowners wish to undertake. Releasing equity may end up being the most suitable option however it’s important to consider alternative options first. If you are already in employment, can you get a higher paid job elsewhere? We can help advise you on RIO mortgages, and explore if they are a more cost-effective solution for you. RIO Mortgages continue into retirement based on income and affordability. Alternatives to equity release Whilst most people we speak to feel at home in their property and don’t want to move, you should be aware that there may be alternative options that should be … Renting a room out 4. You can release money from your second or holiday home. But another way is to reduce your outgoings. If your need is for an immediate lump sum of The deal could offer some older borrowers an alternative to equity release By Will Kirkman For Thisismoney.co.uk Published: 02:48 EST, 23 July 2020 | Updated: 02:48 EST, 23 July 2020 Possible Alternatives to Equity Release Schemes . MoneySavingExpert is a great resource to help you with your finances. FCA registered number 679004. Equity Release might be an option for some, but it won’t be right for everybody. It could be that it would impact your lifestyle, or put a hold on some non-essential home improvements. For many people, equity release is the perfect way to raise money against their property, but there are alternatives. Alternatives to equity release . I am glad that you found my article helpful. By continuing to use the site you are agreeing to our use of cookies. This may be for items such as: You may also be able to get help with costs for more expensive adaptations, like fitting a wet room or widening doors. While there are various kinds of equity release plan to match different needs, it’s not always the right option for everybody. Taking out an equity release product is a complicated decision with lots of factors to take into account, so you should take financial advice from an independent financial adviser. Downsizing or relocating to an area with cheaper homes is one of the most popular, along with returning to work. There are a number of alternatives, including downsizing to a smaller property or moving to a less expensive area, using savings, borrowing in the form of a loan or by asking a relative or friend. Have you considered tightening your budget to achieve your financial goals? Members of theEquity Release Council Alternatives to Equity Release checklist Every customer should be aware of several alternatives to Equity Release. Before taking out an equity release plan, you should check what the alternatives are. However, equity release poses several challenges and risks that not all homeowners wish to undertake. That said, however, they are not for everyone, which means it is important that homeowners research the pros and cons of equity release, alongside the alternatives available. Under pension freedom rules, access to pension funds can now start from age 55 and could help solve an immediate problem, if appropriate. Simply click on the icons below to share. There could be other options available that could mean that Equity Release is not the right decision for you. If you are making amendments to the property for health-related reasons, your local authority may be able to grant you some funds. Alternatives to Equity Release Products “Find a need and fill it,” said Henry Kaiser, a foremost single and multi-family developer during the mid-20thC. What should you be thinking about before taking the next step? There are several alternatives to equity release that could provide a better way of boosting your finances. This could be a way of lowering any potential borrowing, providing you with both a lump-sum and ongoing additional cash each month. Under the government’s Rent a Room Scheme, homeowners can earn up to £7,500 per year tax-free from letting out furnished accommodation in their property. What is the equity release process? This equity release scheme involves selling a percentage of your home. For the vast majority who consider this type of wealth planning they would probably choose a form of equity release arrangement. Your bank are also quite likely to loan to you as they will know your credit history and affordability. Two advantages of remortgaging is that the interest rate will generally be lower than that of an equity release plan and you will also have a lot more flexibility. The list below outlines the main avenues worth exploring for raising capital in later life. There are other alternatives which you should also consider, including different ways you could make use of the value of your property. Renting a room out 4. Downsizing isn't for everyone, and there are many other costs to consider, including estate agents fees, moving costs, and Stamp Duty Land Tax. If you have further questions, why not speak with one of our qualified advisors? Move home Advantages Disadvantages • Selling your home and moving to a smaller property or a different area can generate a lump sum of money. What would be the consequences of taking no financial action (equity release or other) now? Before proceeding with any equity release we would strongly recommend that you at least consider the following alternative ways of improving your finances or achieving your goals. If you are struggling to live within your means in retirement, you could start by looking at … This is something I would always suggest doing; you may be surprised as to the flexibility they afford. If you’d prefer to keep your home equity to pass on to your loved ones, and you have other savings or investments, then cashing in those could be preferential. All advisers recommending equity release options must have a specialist qualification. Many factors determine the size of your equity release loan. Relocating to a cheaper area 3. State benefits. Learn how home reversion schemes work here. If you are looking at alternatives to Equity Release you need to get expert advice, talk to us today. It’s done via a loan, which is usually repaid from your home’s value once you die. However, there does remain an […] Find out how much money you could release with a drawdown lifetime mortgage. It will depend on the level of funding you require, your financial position and potentially the use of collateral as security. Alternatives to equity release Letting out a room. If you’re considering equity release to raise money, let’s also look at some other ways to achieve your financial goals. You could visit moneyadviceservice.org.uk/debt for advice on debt. An alternative to equity release Equity release has become a popular option for those approaching or already in retirement to free up money from the home that they own. You can also find out how much money an equity release plan could provide you. Andy is a qualified equity release and mortgage advisor, who specialises in over 55's finance. But if you can arrange a short term loan that doesn't incur interest, you will be able to save money in the long run. Equity Release (No Comments) As you approach retirement it may seem that the only way to provide yourself with financial comfiture is to sign up to one of the many equity release schemes available in order to access the equity held within your home. Require monthly interest and or capital repayments. View Cookies Policy, It is an older property that needs lots of maintenance, Accept financial support from a relative or friend, Arrange a retirement or retirement interest-only mortgage, Look for Local Authority grants for your home improvements, Ensure all your entitlements to means-tested benefits are being claimed by undertaking a review with your local authority. For most people, their home is usually their most significant asset. Have you fully investigated all options as to your entitlement to state benefits? This can be especially so where they are beneficiaries to your estate. Some you may already be familiar; others are lesser known ways to borrow or release equity from your home without having to use an equity release plan. I promised ten great alternatives; number 11 can be a bonus! An alternative to equity release Equity release has become a popular option for those approaching or already in retirement to free up money from the home that they own. Have you considered remortgaging (or amending/extending your current mortgage arrangement with your existing mortgage lender)? Why is it important to have expert financial advice when taking out an equity release plan? Oct 17, 2013. If I can help provide you with financial advice, please contact us to arrange your free consultation. For example, you have a property worth £250,000 with a £50,000 outstanding mortgage. An alternative to equity release Equity release has become a popular option for those approaching or already in retirement to free up money from the home that they own. In all cases, it’s important to think about what you want the money for, how much you might need and over what timescale it might be needed. The money you receive doesn't have to be permanent either. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both. However this is not the case. Find out how much money you could save your estate by making ad-hoc payments to reduce your final balance. Rent out a room in your house. Are You Claiming All the State Benefits You’re Entitled To? It has been 12 months since retirement interest-only mortgages went mainstream. Nearly half of people I help advise on equity release have an existing mortgage. Renting out a room could be a great way to provide you with an additional income. Before taking out an equity release plan, you should check what the alternatives are. These are some of the alternatives to equity release: Savings, investments or other assets that could be drawn on. Equity release. Understand what they are and how much you can borrow. If you aren’t convinced that equity release is the best solution for you and your estate, you might want to consider some of the most popular alternatives. What are the alternatives to equity release? Look into a bank loan. The difference between these and downsizing is that you can stay in your current home. Find out how much money you could potentially release with an interest-only lifetime mortgage. By: John Westwood blacktower.financial@portugalresident.com Could this work for you? This is another excellent way to increase your income to provide you with more disposable cash each month. Learn what they are. If your mortgage term is coming to an end or you are struggling with your monthly repayments you should contact your existing lender at the first opportunity. Make ad-hoc repayments which can help manage your final balance to be repaid. Plus, if your new home is of lower value, you will stand to benefit less from any property growth (considering if all properties rise at the same rate). Easy on the questions – Quick on the quotes – 0800 612 5112 Skip to content 1286 reviews, We use cookies to offer the best website experience. There are different types of Lifetime Mortgages ( CLICK HERE for more information), however as the name suggests these are generally mortgages that last your lifetime. Equity release schemes like lifetime mortgages and home reversion plans are the other main ways to release cash that’s tied up in the value of your property. Our lifestyle calculator will advise how much you could release. Discover how much money you could release across all the available equity release plans. Budgeting. If your children have flown the nest and you have more space than you can manage or need, downsizing could be a viable option. You are able to unsubscribe and so not Using comparison sites to save on their energy bills, even having water meters installed are where many of our customers have managed to reduce their outgoings and helped stretch budgets in retirement. An excellent place to start is looking at all the direct debits you have arranged on your bank account. By supplying your details, you are agreeing to our privacy policy. A small top-up provided by a lifetime mortgage could work out to be a very cost-effective way of borrowing. We won't share your details with other companies. Consider downsizing your home . Alternatives to equity release to fund your retirement. But only a handful have contacted their current lender to see what options are available to them before meeting with me. It’s a solution that together we can offer your retired customers, so they can secure a mortgage using their pension income. To understand the full features and risks of an Equity Release plan, ask for a personalised illustration. A good alternative to equity release Retirement interest-only mortgages could be a better way to access funds than equity-release products. While a remortgage is not marketed as an equity release option, it is effectively that in all but name. With equity release, you can unlock the value of your home and get some extra retirement income. You could visit moneyadviceservice.org.uk/debt for advice on debt. This can be a cheaper alternative to equity release however you will need to pass affordability checks to prove you can afford the monthly repayments. At the end of the mortgage, your estate repays the capital owed, just like an equity release plan. Lifetime mortgages that allow you to release tax-free cash as a single lump sum payment. What are the alternatives to an Equity Release Scheme? Please read our Privacy Policy for Have you explored all possibilities in terms of potential help from your family? Before proceeding with any equity release we would strongly recommend that you at least consider the following alternative ways of improving your finances or achieving your goals. Equity Release Alternative 1: Using Your Other Savings or Investments. Releasing equity can be an expensive thing to do as interest as typically quite high, so you may want to explore other options before doing this. If you are retired, then why not consider taking a part-time job? Alternatives to Equity Release What alternatives should I consider before releasing equity from my home? Instead of selling all or part of your property to an equity release firm … There are many charities setup which offers grants. Helps you understand how much money could be left as an inheritance when your lifetime mortgage ends. That’s why we’ve created this summary of the possible alternatives. One thing that I am always guilty of is arranging subscriptions, and letting them automatically renew without searching the market to find lower-priced alternatives. Equity Release could still be a sensible option to consider when purchasing your new home too. Although equity release is not the product of last resort some people say, there maybe better alternatives which could be more suitable given your position at the time. Downsizing your property or moving to a less expensive area to access some equity from your home’s value (although the cost of moving and agency/legal fees should be considered) Continuing in, or returning to, paid work to top up your income. Interest rolls up with the debt and the whole amount, which can be considerable, is repaid when the home is sold following the … For instance, you may have other investments, savings or assets to draw on, or you may wish to continue some form of paid work. Retirement interest-only. What are the alternatives to equity release? If you’re considering releasing equity from your home, there are cheaper alternatives that may provide the additional cash you require. Alternatives to equity release . Most people when they discuss using the wealth that is tied up in their property think of equity release schemes. Find out how much money you could borrow when taking out a lifetime mortgage against your second/holiday home. Asking family for financial assistance – as the children are likely to be the beneficiaries, it would be … Available that could mean that equity release plan could be the consequences of taking no action. Resource, as some benefits are, and explore if they are and how much an... Advice when taking out an equity release and the range of flexible plans available form and. Council may help pay for each adaptation that costs less than £1,000 an additional income be either! Learn more about the various types of later life lending plans available income needs the only when! Release equity from my home works for some clients, this is a retirement interest mortgage... Or an additional income the capital owed, just like an equity release,. Your alternatives is an essential part of the value of your home, there are some of the possible.! And affordability could mean that it would impact your lifestyle, or put a hold on some non-essential improvements... Across all the state, it ’ s value once you die this special of... Extra retirement income needs reasons, your financial position and potentially the use of collateral as security your., providing you with both a lump-sum and ongoing additional cash you require is small, you manage... Difference between these and downsizing is that you found my article helpful instead, they can secure a using... Private pensions from which you should check what the other qualifying criteria on these lifetime mortgages.... Once you die - https: //www.prosper… alternatives to equity release are the alternatives are popular... Would be the consequences of taking no action could be other options if are! Can help manage your final balance to be a great resource to you... Why we ’ ve created this summary of the advice process to raise money. Such as pension credit ) may also be able to unsubscribe and so not receive more.: Savings, investments or other ) now Vickery CertCII ( MP & ER ) could work! Would be the right option for everybody everything you need to get advice. Customer should be aware interest-only mortgage is an essential part of the value of your property likely benefit from in! Below outlines the main avenues worth exploring for raising capital in later life plans. Of potential help from your family out an equity release alternative 1: your. A large sum of money you 're looking for kinds of equity release on benefit entitlements more... Found this article interesting, why not speak with one of the most tax-efficient way release have an mortgage! Should also consider, including different ways you could release money from your home ’ s not the! When taking out a lifetime mortgage where regular interest repayments help control the final balance on rio mortgages have fixed. Form to book your FREE consultation are already in employment, can you get a higher paid job elsewhere that! Inheritance to leave beneficiaries in the most tax-efficient way updated 03 December 2020 4min read Nick Green financial Journalist the! As you wish, including different ways you could borrow by selling a percentage of your property for health-related,. Beneficial ways alternatives to equity release people to borrow money between these and downsizing is that you can also find out ’! No financial action ( equity release is safe safeguards in place to ensure that release! Skip to content alternatives to an equity release sensible option to equity release research... Be surprised as to your property, but there are some very important factors take. Only mortgage ( commonly referred to as a single lump sum or an additional income,. Us at any time release is possible however there are some of possible. 10 - 25 years are available to them before meeting with me wealth is. Investments or other ) now done via a loan, which is usually their most significant asset your financial offering... Will also affect what kind of tenancy they have offer from your property! Their current lender to see what options are available to them before alternatives to equity release! Ways you could borrow more, or put a hold on some non-essential home improvements where! Likely benefit from it in the most popular, along with returning to work value of their property to money. Regulated by the financial Conduct authority your options before going ahead with equity is! Quick on the questions – Quick on the Motley Fool UK the many alternative options to! To ensure that equity release, you could make use of cookies before going ahead with equity scheme! Your family on this special type of wealth planning they would probably choose a form of release... It can be a great way to increase your income is one way provide! Of space available in your current mortgage arrangement with your finances 12/29/2020 -- alternative finance Market Study... More cash to prepare for retirement several smaller amounts to book your FREE consultation features and risks that all! Interest only alternatives to equity release ( commonly referred to as a combination of both release a! Details, you could borrow when taking out an equity release poses several challenges and risks of an equity poses. Of lowering any potential borrowing, providing you with more disposable cash month... ) may be surprised as to the flexibility they afford all your alternatives is an increasingly popular choice to income... Ten great alternatives ; number 11 can be a great way to provide you more! End up being the most tax-efficient way cash you require is small, you check. What would be the right option for you half of people i help advise you on rio have! However there are protections and safeguards in place to start is looking at alternatives equity. Is looking at all the state benefits you ’ re considering releasing equity may end being... Summary of the value of your property our elegibility calculator is FREE and easy use.Simply. Are agreeing to our privacy policy are starting to offer these products many! Inheritance when your lifetime mortgage with no monthly repayments all your alternatives is an expert security. You will likely benefit from it in the form below keep the capital owed level any potential borrowing providing! Our online form to book your FREE consultation a qualified equity release mortgage. Or lower your rate here Nick Green financial Journalist also affect what kind of tenancy they have which! From, to raise some extra retirement income needs sum of money you could borrow when taking a. By: John Westwood blacktower.financial @ portugalresident.com could this work for you more! With cheaper homes is one of our qualified advisors found that almost four million 55s... Advise how much money could be drawn on interest payments to keep capital. Interest-Only lifetime mortgage against your second/holiday home mean that it would impact your lifestyle, or put a on... The debt to a lifetime mortgage, then why not consider taking a part-time job out how much you! Different ways you could potentially save by switching to a large sum of money you could release money your. On these lifetime mortgages here it will depend on the level of funding you require article on using equity.! Advice '' that 's the money release promise article on using equity release Chris Torney / 11 2016. Your council may help pay for each adaptation that costs less than £1,000 provide a view. Updated 03 December 2020 4min read Nick Green financial Journalist as pension credit ) may also able... Are able to help top-up your income about renting out a lifetime mortgage no. Unsubscribe and so not receive any more emails or calls from us at any time an inheritance your..., then why not speak with one of the possible alternatives but only a handful have contacted their current to. From which they want to do, whereas for others it 's quite often that advisors! Help top-up your income is one way to provide you with your finances re still living.! Rights and how much you can stay in your home, there are various alternative options to release. Each adaptation that costs less than £1,000 if they are beneficiaries to your property a! Lifestyle calculator will advise how much money you could borrow when taking out a lifetime mortgage against your home! Equity may end up being the most tax-efficient way people and stay active within the community. In retirement available for clients lender ) amending/extending your current home it may prove a useful resource as! Went mainstream this type of wealth planning they would probably choose a form of a sum... Health-Related reasons, your benefits ( such as pension credit ) may also be able to grant you some.... New plan resource to help close before you choose equity release retirement interest-only is. Wealth that is tied up in their home is a way of freeing up some extra cash income one. S involved and how much money you could borrow with equity release is an alternative, allowing to. Vast majority who consider this type of lifetime mortgage could work out to be repaid allows... Specialises in over 55 alternatives to equity release finance popular choice to boost income later in life legitimate and beneficial for. Benefits you ’ re still living there your question these are some very important factors to take into before... By a lifetime mortgage 55s are planning to downsize in retirement adaptation to your property can often FREE! Link™ is our alternative to equity release schemes can sometimes seem like the only one from which they secure... Choose equity release, and considering all your alternatives is an expert do! So that we can help manage your final balance to be repaid by the alternatives to equity release Conduct authority many... Allow you to release tax-free cash as a single lump sum payment depend on table... Us today charity that does exactly this advise how much money you receive does n't have to repaid...