Can you change your existing equity release product or alter it in the future?
Yes, in most cases, equity release products can be changed or altered in the future, but this will depend on its specific terms and conditions.
Some equity release products may allow for the loan to be repaid early, while others may impose penalties or fees for early repayment.
It’s important to consider the potential for changes in circumstances, such as a decrease in the value of the property or an increase in the interest rate on the latest equity release product.
When deciding whether to proceed with a new equity release product, it’s important to seek professional financial advice to understand its terms and conditions, to ensure that the homeowner is fully informed and aware of any potential costs associated with changing or altering the product.
For a free review of your current Equity Release product contact your local advisor at Giraffe Equity Release.
