First and foremost, it is important to realise that the equity release UK industry is protected by an organisation known as SHIP (Safe Home Income Plans). This body has established a strict code of practice for lenders dealing with equity release and this helps to ensure that all products sold are above board and completely safe for the client. All you need do is establish the fact that any company you are interested in is affiliated with SHIP and this will then offer you complete peace of mind.
There are many reasons why a person over the age of 55 may decide to look to the equity release UK industry. Perhaps that person is tired of trying to make ends meet on the very limited pension they receive on a monthly basis. A release of equity in the property can provide you with a very helpful additional income every month and this can mean the difference between living life on the breadline, or actually having the funds to do far more in life and make the most of your retirement.
Such equity release plans can also be released in a lump sum and this may be extremely useful if you are looking at a large project that would have been inconceivable without this level of financial assistance. A typical example here includes a brand new conservatory added to your home or perhaps even a new car that is not likely to break down every two minutes and will allow you to travel more freely and enjoyably.
Then there are the people that actively want to help out other members of their family at a time when they can see it making a real difference. It is all very well leaving a sizable inheritance to loved ones in the event of your death, but how can you see this benefit the family and be put to the best use? This said, it is still important to bear in mind that you will not necessarily forfeit all inheritance possibilities if you decide to take out an equity release policy: it is entirely possible to put a guarantee in place that will leave an agreed sum to your loved ones in accordance with your wishes.
If you are concerned that you might be turned down for an equity release policy due to poor health, think again! For once, you might actually be able to benefit from such a policy and this could mean a difference of up to 30% more than a standard equity release policy. What’s more, initially, you would only be required to complete a quick questionnaire in order to ascertain of you might be eligible for an impaired life equity release policy.
Even with standard equity release schemes, there are further guarantees in place to ensure that the amount payable at the end of the policy does not exceed the final cost of the property. If you were concerned about members of your family being faced with an additional bill in the event of your death, this guarantee will make sure that no such scenario would ever be faced.
Always speak to an independent financial adviser before releasing any equity. They can research the whole of the equity release market for you & find the best deal for your requirements.
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