Equity Release from Home, or Not?
My name is Dee and I only joined the site a few minutes ago. I was looking for advice on Equity release from my home.
I retired from the NHS in September last year at the age of 66.
We own our own house and have no mortgage on it. I am wondering whether to release some equity from the house as I am finding the change in my finances a small struggle. (that could lead to a big struggle).
On enquiring about Equity Release from one of the well known companies. I was quite shocked to find that over a five year period the interest rate is almost double. I feel it is a bit of a rip off and wondered how other members feel.
Is there an alternative. I could downsize but I love my home and was thinking of running a small business from it that I would not be able to do if I moved to an apartment.
I would be grateful for any advice
Wendy: Dee, you didn't leave your location so I am unsure if you are in the USA or elsewhere. My guess is that you live outside the USA as the "equity release" term is not familiar to me.
Here, seniors can get a Reverse Mortgage on their home.
If you will add your location below, maybe someone can help you better! thanks!