Consider all your personal finance options

Home equity release schemes are not the only way to access funds

Home equity loans - research all your options

Whether you choose to apply for a home equity loan depends on your individual circumstances. Like every financial product that provides credit, it is not suitable for everyone and different home equity schemes are suited to different people.

It is vital to explore all your options before entering into a home equity credit scheme.

Things to think about:

• Is it possible to downsize? Moving into a smaller house can provide you with a cash lump sum and means you don’t pay any interest on that money, instead, you can earn interest on it

• Are there any state benefits you are entitled to? Contact the Department for Work and Pensions to find out

• Do you have a private pension, life policy or investment that has been lost over the years?

• Are you entitled to pension credits? Contact The Pension Service to find out

• Do you have savings or investments you can use? If so, seek independent professional advice to ensure a best plan of action

Professional, independent financial advice

Speak to an expert on home equity release

Home equity release is not simple. In this website we have summarised the different kinds of home equity loan and outlined the factors you should consider when deciding what type of equity release scheme is be best for you.

Before you go any further, always seek professional advice from an independent financial advisor who is registered with the Financial Services Authority (FSA).

Remember, your home may be repossessed if you do not keep up repayments on your mortgage.