SilverPot - Property Rich

Many people find themselves in this situation particularly when retired. This is mainly due to the surge in house prices over the years and currently the poor state of return on savings and investments. There are solutions to this problem but whatever one you select please do your research well and, if applicable, take professional advice and guidance before reaching a decision. We outline below the most popular choices available – we also add notes of caution with each.

EQUITY RELEASE.
You can sell all or part of your home in exchange for a lump sum and/or income.

Only deal with companies who are members of SHIP (Safe Home Income Plans). www.ship-ltd.co.uk Compare rates and conditions of different companies.

Financial Services Authority (FSA) has a factsheet Raising money from your home download from www.fsa.gov.uk

If appropriate, consult family members.

Rates improve with age and differ if you are single or married.

You must maintain the property and pay for all insurances and council tax etc.

On your death (or last survivors death) the portion of property you have sold goes to the company, the remainder reverts to your estate.

TRADE DOWN TO CHEAPER PROPERTY, OR MOVE TO AN AREA WHERE HOUSING IS MORE AFFORDABLE.

You will have the upset of moving with all the relevant costs.

You may have to move some distance from friends and family.

Will the new area be suitable for your lifestyle? ( See our section on location for fuller details)