There are a number of alternatives, including downsizing to a smaller property or moving to a less expensive area, using savings, borrowing in the form of a loan or by asking a relative or friend.
These are some of the alternatives to equity release:
Savings, investments or other assets that could be drawn on
Downsizing your property or moving to a less expensive area to access some equity from your home’s value (although the cost of moving and agency/legal fees should be considered)
Continuing in, or returning to, paid work to top up your income
Letting out a room in your house to a tenant
Accepting financial support from a relative or a friend may be an option, although it is understandable that some would prefer not to have to ask to borrow money from loved ones
Arranging a traditional mortgage
Looking in to Local Authority home improvement grants
Ensuring all your entitlements to mean-tested benefits are being claimed (your Bower specialist will check this for you as part of our expert equity release service)
While there are different types of equity release plan to suit different individual needs, it’s not always the right option for everyone. Before taking out an equity release plan our advisers will go through all the advantages and disadvantages, and also the alternatives that could let you raise the money in another way. Get in touch and we will happily discuss all your options and can make a recommendation as to which one may be best for you.