Each type of Equity Release plan has different eligibility criteria, so you must always check the details with the provider. There are however, some general rules:
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Some types of homes are not suitable security for Equity Release plans, including mobile homes, park homes, houseboats, and properties with agricultural or forestry ties. Also, it is more difficult to arrange Equity Release plans on freehold flats (except in Scotland), properties with commercial or business use, or properties over or adjacent to commercial properties.
Equity Release isn’t the right choice for everybody and that’s why we’ve created an impartial guide; so you can read all the information and make an informed decision. Take your time, discuss the options with your friends and family and, before you decide anything, make sure that:
It’s really important that you do this, as there is such a wide range of providers and plans available that, without professional guidance, you could miss out on thousands of extra pounds by choosing the wrong one. Also, at a time in your life when you may be financially vulnerable, you need to be confident that your home and the Equity Release plan are both secure.
There are other important factors to consider too, for example the financial welfare of your family or entitlements to state benefits.
Always consider the impact that Equity Release might have on your entitlement to means-tested state benefits. ERIC’s advisers are trained to help you with this.
For a free no obligation consultation, call 0800 077 6885 or email email@example.com