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What Are Some Alternatives To Equity Release?

All The Options You Have

When making a bigger financial decision, you may notice that not every detail fits your needs. What most people do in those cases is look for other solutions. This is especially true for equity release, and here are some other options you can try.

One of the first alternatives to equity release is downsizing. You can think about buying a smaller property if your needs allow it and take it from there. If you don’t need a big amount of money, you can think about credit cards. They are a perfect option for any short-term need you may have, and you can pick those with low interest rates. Something similar is a retirement interest-only mortgage, and the only difference is here you have to pay monthly interest.

Alternatives To Equity Release

Another one of the easy alternatives to equity release is borrowing money. There are many types of loans you can get, and in some cases, they don’t tie you down so much, so it may be a good option for you. If you need money for a bigger project, it may be a good time to dip into your investment fund, because what other reason is it there for. Also, if possible, you can always ask for money from friends and family since it can be less pressure to return it. This is especially true if you need smaller amounts.

As you can see, there are so many options depending on your needs, so you don’t always have to go to the most complex one. However, for any bigger project, make sure you do an extensive research before getting any type of equity release.

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