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Money Box: Money Box Live: Equity Release

Money Box Live: Equity Release

13/05/2015

BBC Radio 4 - Money Box, Money Box Live: Equity Release

Considering equity release? Listeners put their questions to Ruth Alexander and guests.

What do you want to know about Equity Release? Freeing up cash from the value of your home can be a way of paying for retirement when savings are gone, but there are short and long term costs to consider.

The Equity Release Council say that £325.7m was lent in the first quarter of this year alone, with customers using the money to make home improvements, pay off debt or cover an outstanding mortgage.

If you're considering equity release and want to find out about the pros and cons, you can put your questions to Ruth Alexander and guests on Wednesday's programme.

When is equity release suitable and are there alternatives you should consider first?

Will releasing cash affect your state benefits?

What's the difference between a lifetime mortgage and a home reversion plan?

Are there any set up costs and exit penalties?

How much interest will be charged and when will it be paid?

Are there any risks?

Whatever you want to know about equity release, you can talk to the team on Wednesday. Ruth Alexander will be joined by:

Tom Moloney, StepChange Financial Solutions.
Addy Frederick, Liverpool Victoria. 
Dean Mirfin, Key Retirement.

Call 03700 100 444 from 1pm to 3.30pm on Wednesday or e-mail moneybox@bbc.co.uk now. Standard geographic call charges apply.

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