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The first issue is whether or not you are currently living with a partner, relative or a friend. These residents would be required to find alternative accommodation in the event of your death. You must also take the liberty of formalising an inheritance plan for your family, as after an equity release occurs your family will be unable to inherit your property. Your age will determine the amount of month-by-month cash payments you can accumulate. Somebody pursuing home equity in their late 50s could accumulate substantially more than someone in their late 70s, for example. You should also pick a scheme that gives you the opportunity to move to another residence, should you need to. For example, you may need to move to an elderly care home or you may want to sell your property and move to a different region in the country.

You should also seek proper independent financial and legal advice before deciding to apply for home equity release as terms and conditions are very complex. Discussing the plans with your relatives is especially important and you may need to prepare yourself for a family feud.