Dangers of Equity Release as Outlined by Robert Bull
Robert Bull runs a company in the UK, RoyaleLife, known for raising the bar of bungalow living. It has been Bull’s prayer that he uses his knowledge and experience to educate people and especially those nearing or in retirement, on the best and safe financial strategy to take. While most people run for equity release, Bull advises anyone to never go for this option by shedding some light on how it operates. Most people go for equity release to maintain their status, for they will live in their houses and keep the lifestyle they used to live while working. Refer to this page for additional information
While fear of what people might say if they moved to a smaller house might have pushed them to these extremes, the repercussions are more taunting than downsizing to one of RoyaleLife’s bungalows. To Robert bull, despite the option of saving you the burden of payments while living, the more time you take before your death translates to an increase of the money to be paid. In the end, you will pass little or no money to your family, charitable causes, and friends.
This is obviously not what many want, for they wouldn’t wish to leave behind a flawed legacy, but end up this way due to a lack of knowledge of its disadvantages. Some of the disadvantages of Equity Release, according to the overseer of RoyaleLife, Robert Bull, include:
(1)Benefits Eligibility: Equity release denies one access to some benefits from the government like council tax benefits, savings credits, and pension credits.
(2)Home Value: This option will reduce the value of your property in the long run, as per Robert Bull, since your loved ones will be left with no other option than to sell it to clear the loan.
(3)Not Eligible For other Mortgages: From the day you sign the papers of the equity release agreement, your rights of taking other loans on your property ceases.