When equity release first came about, there was a lot of talk of it being a con. Many people felt that they were not treated well when they tried to get money from their property and they were worried that they may not be able to continue living there after a certain period of time. Sadly this gave the whole scheme a bad reputation.
Things have changed now and equity release schemes are regulated. This means that everything is overlooked and so should be fairer. However, there are still better schemes than others and so you need to be responsible and make sure that you choose the right one for you.
You need to think about what you want and how much money you need, then look at what is available. Look at how the different lenders work and then when you have found a few that you think will suit you, make sure that you read the terms and conditions very carefully, so that you know exactly what you will need to expect.
You will find that they will differ in how much they lend, how they charge for the loan and things like that. It is therefore important to look carefully at a broad range of options, so that you know what is the best option for you. You should find that the options are safe, but it really depends on how you define safe. You need to think about what you want from the scheme and which fits in with this. You will have to be prepared to make some sacrifices to get the money, in the same way that people always do when they get a loan and so you will need to decide whether you feel it is worth it.
It is also worth carefully choosing the company that you use as this will allow you to feel safer. If you use someone with a good reputation or that you have heard of, then you will feel better about using them, than if it is a company that you have not heard of and therefore have little trust in. Many companies do now have their own equity release schemes and so there is a high chance that you will find one who you have heard of or already trust. However, it is still wise to do some research in to the company and their equity release schemes to make sure that you are fully happy with them.