When it comes to accessing the equity you have in your home, too much information is never enough. The Australian Securities and Investments Commission (ASIC) have a guide that should be read by all considering this means of financing.
ASIC’s new guide, Thinking of using the equity in your home? A new independent guide to reverse mortgages and other equity products, is designed to assist people who are consider whether an equity release product is right for their individual circumstances.
The Thinking of using the equity in your home? guide provides important tips and warnings including useful information on:
· understanding the risks and costs of equity release products
· alternatives to equity release products
· whether equity release is right for you
· what terms and conditions to look out for and
· where to find more information
It also provides case studies to illustrate the costs of equity release products, the effect of fees and what happens if people access more than they need.
You can get a free print or audio copy of Thinking of using the equity in your home by visiting FIDO or call 1300 300 630. The free guide is available to anyone.