Is Equity release right for me

If you are looking to release cash from your home or increase your income from equity release it is important to remember that equity release is only one of the options available.

Downsizing or moving to a smaller property may release some cash that you can either spend or invest to provide an income. Before you consider downsizing it is important to be clear why you are moving and want you wish to achieve by doing so. If you move to a smaller property the running costs may be less, but this is not always the case some retirement homes carry large maintenance charges.

You will also need to consider the costs involved in moving, estate agents, solicitor, stamp duties, new furniture, carpets etc. Remember, moving house can be a very stressful experience and it may mean moving away from the support of friends and neighbours.

Family arrangements

We understand that it is difficult to talk to family members about financial arrangements, but we would always encourage you to discuss any major changes with family members. it may be that you family is happy to lend you some funds or help to supplement you income, as with any financial arrangement it is best to put things in a legal footing and to consult a solicitor if you are entering into a loan arrangement.

Grants & Loans

If you wish to release funds for improvements to the property make sure that you see if there are any loans or grants available before going ahead with equity release.

Disabled Facilities Grants

These are grants available to provide facilities and adaption’s to help a disabled person to live as independently and in as much comfort as possible for more information follow this link.

Community Equipment

If you are not eligible for a Disability Facilities Grant, you may be able to get a top-up from social services for equipment. Social Services departments also provide 'community equipment' such as grab rails and ramps, up to a value of £1,000.

Warm Front Grants

This scheme provides help with heating and insulation improvements for people living in England. Grants are available for householders who are aged over 60 and also to disabled people.

Charities

Many charities have grants or funds available which may help you to improve your home or to carry out necessary maintenance.

The social Fund

You may be entitled to a Community Care Grant or a Budgeting Loan from the Social Fund for help towards the cost of minor repairs or essential decoration.

Home Improvement Agencies

These are not for profit organisations that are managed locally by councils, charities or housing associations. They provide support for vulnerable people to help them to carry out adaption’s, repairs and improvements to their home.

Home improvement Trust

The Home Improvement Trust was set up in 1997 and is a non for profit organisation, its aims are to enable homeowners and those with a disabled person in their household to live safely and independently in the home.

Rent a room Scheme

If you have a spare room you could achieve some additional income by letter the room, it allows you to receive tax free income of up to £4,250 per year.

Homeshare

Another way is to let a spare room in exchange for a pre-agreed amount of care. More information can be found.