Depending on an individual’s circumstances, for some, this is a highly effective way of unlocking the value of their property by accessing a cash lump sum or creating a draw down facility without the need to move home. Contrary to some belief’s, you don’t need to have fully paid off your mortgage to take advantage of equity release.
If you have equity in your home and are considering how you could use it to give you more financial freedom in later life our mortgage advisers are on hand to talk you through your lifetime mortgage options.
Whether you’re looking to help your children or grandchildren, take a trip of a lifetime, cover the cost of care fees to stay in your own home or pay off an interest only mortgage, equity release can help you. You can choose whether you receive the funds in a one-off lump sum or opt for smaller amounts over a period of time. Our experts will talk you through all the options and advise you on the risks.
Essentially equity release is a long-term loan that will be repaid using the proceeds of the sale of your home when you pass away or require long-term care. It may enable gifts to be made in later life, whilst retaining your family home and benefitting family when needed.
It is important to remember that equity release will reduce the amount of inheritance you can leave and may affect your tax position and eligibility for welfare benefits.
Equity release may involve a lifetime mortgage or home reversion plan, to understand the features and risks, ask for a personalised illustration.
If you would like to find out more about your equity release options, our advisers would be happy to help.