An equity release is a scheme where a retiree or a person aged over 55 can gain access to the equity they have accumulated in their home while they continue to live in it. There is a wide variety of equity release schemes available today, and one can use then for various projects like home renovation projects amongst others.
However, lenders will require an estimate of works to be completed and costing to be done accordingly. Some lenders will not release the funds until the project is completed, which can cause issues. The best idea would be to find a builder who is willing to wait until work completion to be paid. Hence, it is always wise to obtain independent advice on equity release schemes to avert money woes during periods of any of these renovation projects.
Anyone considering this monetary action needs to be careful since the law governing the industry have been changing, hence the need to seek advice from a skilled and licensed financial consultant. They will help you make an appropriate decision, which suits your fiscal needs and which leave you maintaining your home completely as you renovate it. Equity release is straightforward but an economic expert may point out things that are not evident to you, which might save you from apparent trouble. (more...)