How to Switch Equity Release Plans
Do you think that your current equity release plan is not working for you anymore? Do you feel like it’s time to switch to a new one? There are many different plans out there and making the right choice can be difficult. Switching You Equity Release Plans is an important way to change your equity release plan and make the right decision for you.
First, you need to consider what type of property are you releasing? What is your age? How much do you need from it now versus later? What is cheaper – a lifetime mortgage or just a lump sum payout? What are the risks? Do you want flexibility or protection from inflation?
The first step is to make an appointment with a reputable equity release specialist. These specialists will ask for your full financial picture and talk through it with you in detail. They’ll then be able to help find out whether switching plans makes sense, or if there’s another way that may better suit your needs, like refinancing a property instead of releasing its equity. If they do recommend changing plans, they can also walk you through all the steps involved so that everything goes smoothly on the day when you sign up for one of their recommended plans.
Then, you need to make sure you’re eligible. Equity release plans are only available to homeowners over the age of 60 with a house worth more than £250,000 who don’t want or need their home for full-time living anymore.
If you fit that description, then it’s time to sign up and switch your equity release plan!
The process is as simple as following some straightforward steps: You’ll speak to an advisor about what type of equity release plan would suit you best and fill out a form online; they will send someone round to visit your property in person so they can see at first hand whether there are any issues such as subsidence or flooding that may impact on the viability of releasing your equity.