Equity Release And Flexibility
|Money : Mortgages|
For many, flexibility is an important criterion when it comes to deciding which equity release scheme would work best for them.
The easiest for many is to receive a lump sum, but for those who are not good at managing money there is the temptation not to use the money wisely and blow it a little too quickly with this method!
A lump sum is generally associated with a lifetime mortgage, where the money is generally given in this manner.
However there are newer products coming on the market that are effective more flexible, and allow the person who takes out a lifetime mortgage to take out money as and when it is needed, and not before.
This can be attractive as it means you can take the money as and when you need it, and of course the longer it is left in, the less interest will need to be paid in most circumstances at the time of the sale of the property.
Questions about equity release: