No need to panic into equity release
The housing market is full of doom and gloom which many commentators expect to continue into 2010. Some are then predicting a bounce-back in house prices. So should this prediction affect a decision to take out an equity release product now?
I believe that the decision has to be driven by two main factors – need and certainty. If a real need for money is not there then don’t try and second guess the market. That said, many people need the certainty of a set amount of money – to repay a debt for instance, and there is a danger when waiting, especially in a volatile housing market, that the amount required will not be forthcoming.
A difficult housing market is no reason to panic into a decision to enter into equity release. Product providers are not shutting up shop – in fact some are being particularly aggressive at the moment. The only point to make is that some providers are putting time limits on their offers and in that situation, when the decision is made, there should be no delay.
Duncan Young
CEO, Retirement Plus