Trying to think about equity release on your own isn’t very productive when you have a spouse. Simply put, you’re not going to want to make such a huge financial decision and lifestyle change without talking it over with them first. This is something that can be very difficult to pull off if you’re not careful. You still need to think about all of your options and angles as much as possible. There’s just no way around that. You also want to make sure that your spouse feels complete comfortable. If you can’t do that, your spouse will probably refuse to sign, leaving you stuck at square one.
If your spouse has an objection, it’s important to make sure that you’re hearing them out. You have to make sure that you’re trying to figure out exactly what you’re trying to do and what you’re not trying to do. That’s just the way it is. You want to always think about the way things are going in your family and then make arrangements around those views. Sure, you might be able to convince your spouse but they’re going to resent you if you force them into the decision. It’s better to give them all of the advantages that come along with the scheme in the first place. After all, if there weren’t any advantages, chances are good that nobody would really sign up for an equity release scheme at all. Thankfully, there are plenty of options available to today’s retiring couples.
You need to let them know that it’s a tax free lump sum of money that you can use for just about any purpose that you want. The only time you would pay taxes is if you’re putting it into an interest bearing account. You would pay taxes only on the interest rather than being force dot pay money for all of it. So if you keep it out of any type of investment vehicle, you should be just fine.
Tapping into your equity gives you the foundation for a very comfortable life. It’s just a matter of making sure that you’ve focused on just about everything that you can focus on. Getting too excited about the possibilities before you’ve actually talked to anyone doesn’t do either of you any good. While it’s true that there are some advantages, there are some restrictions that do apply. It’s all about the property value at the time you apply. If you’re in a declining market, you might want to wait for an equity release scheme. On the other hand, if you know that property values are on their way back up, this would be the best time to apply for one.
The property has to be appraised by an independent person, which means that you need to have a good idea of who to get. You can take some suggestions from other people, but you will ideally be able to find someone that can quickly appraise the property.
If you’re going to work with an equity relapse company, you should definitely make sure that both of you get the chance to ask as many questions as necessary. It’s too easy to end up being sold something that you aren’t quite sure of, and that would be terrible.
There’s a lot to think about — far more than what this guide could even dig into. You just need to make sure that you’re looking into all of your options. Good luck with everything that you have planned, you’re bound to get things done!