You will often hear people say that you can rely on an equity release for your living expenses during retirement. “I would never sell my detached house fast,” they will say. “Get an equity scheme instead, and stay in your house!” This is really not a very good idea for several reasons. First and foremost, getting a quick property sale does not necessarily mean that you cannot stay in your house. And secondly, you may not be able to get as much from an equity scheme as you may be led to believe.

The fact of the matter is that property values have been declining for several years. While you may be able to get an equity release for the equity built up in your home today, the percentage of your estate that is indebted to the company will likely be much higher by the time the house is sold. In this manner, your heirs could not only wind up without a house, they could end up paying the company due to interest and falling property values. Before you are taken in on these equity release schemes, you should make sure to get the advice of a solicitor or financial advisor. You can also learn more about alternatives and options by getting government information on buying and selling your home.