Equity release is designed to be a lifelong commitment, so it's worth considering all your options and ensuring that you talk them through with a financial adviser before deciding if it is right for you.
You may find that if you change your mind, or your circumstances change, you could find yourself restricted financially, or liable for significant early repayment charges.
Considering the alternatives If you need to supplement your income in retirement, or need to fund a large expenditure it's a good idea to consider the alternatives:
- Selling your property and moving to a smaller, cheaper one. Whilst this can be costly in terms of the emotional and financial resources needed to sell up, it could leave you overall in a stronger financial position
- Subject to your age and if you can afford the repayments, you could look to take out an unsecured loan or mortgage
- Seeing if you can use other assets or savings more effectively - but consider getting financial advice before you do so
- Renting a room in your home
- Checking with your local authority to see if they offer grants or loans for essential home repairs or heating improvements
- Claiming any benefits you might be entitled to
- Tracing any pensions you may have lost track of, using the Pension Tracing Service (see link below).
Download our guide to the alternatives to equity release
Useful linksPension Tracing Service
Our budget planner (opens a pdf)
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