home equity loan comparison
On the house? Don
When did houses stop being our homes and become the panacea for all financial ills? No longer is it enough to view your home as a place to eat, sleep and live. Now it is a pension, a means of cheap credit, a sort of personal bank, which just happens to have beds in it.
Figures released this week by the Bank of England show that we are again turning to our houses for financial succour. We withdrew £12.51 billion from the value of our homes in the first three months of this year, continuing an upward trend in equity release that started at the end of last year.
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Uncertain about equity release?
I own my house and it is valued at £160,000 to £170,000. After 40 years of saving, my pension has been decimated and I have been wondering if I was able to organise equity release on my home. I am currently 58 (59 next April) Should I retire at 60 or 65? Anon
Philippa Gee says: We have so many enquiries from people who, like you, are looking for extra capital and wonder whether equity release will be the best solution, however for many the answer is no.
Equity Release schemes have one advantage; they can allow you to access capital that you would not normally be able to, unless you sold your property. However, there are many drawbacks, including the fact that you could find yourself in an arrangement which you cannot easily get out of, even if your circumstances change.