Equity Release can help homeowners over the age of 55 to access some of the value in their property without the need to move out or sell their home. There are two different types of equity release and these are known as Lifetime Mortgages and Home Reversion Plans. A lifetime mortgages involves borrowing money against the value of your home, with the loan being repaid when the property is sold after you pass away or move into long-term care. The interest on the mortgage is rolled-up and added to the amount you have borrowed. A Home Reversion Plan involves selling a percentage of your property to a provider in return for a tax-free lump sum and becoming a tenant in the property. When your property is sold, the provider receives the proceeds or a share if you sold part of the property. An equity release will reduce the value of your estate (any inheritance you may plan to leave family or beneficiaries) and may affect your entitlement to means-tested state benefits. It is important to seek independent legal advice to ensure you understand the potential implications and that whether this is right for you.
We can provide advice on equity release and are happy to do this on a face to face basis locally.
A lifetime mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE!
