Equity Release
It might be that you have more practical needs and require alterations to your property due to health conditions. Whatever the reason is, you could find yourself in a position where you have all your money tied up in your home, you might not want to sell and downsize as you are settled in the area you live in and do not want to move away from your friends or relatives or face the added stress of moving.
Equity Release Schemes allow you to benefit from the equity that is tied up within your property. Equity Release enables people over the age of 55 to release tax free cash from the value of their home. The money can be withdrawn to suit your requirements & can be taken as a lump sum or by flexible withdrawals, or as additional income to supplement retirement lifestyle.
Things you need to know about your Equity Release
- You can stay in your home
- Your home won’t be sold until you chose to sell it, the last legal owner dies or goes into long-term care.
- Equity Release may reduce the value of the equity in your home.
- You can spend the money you release on anything such as repaying your existing mortgage, a family gift maybe as a deposit to help your children onto the property ladder, a holiday, home improvements or to help with your living costs.
- You can choose when to take your money, you can take the full amount at the start of the plan or draw the funds as and when required, in sums as low as £2000 at a time.
Risk Warning: A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity Release is not right for everyone and may reduce the value of your estate.
Have any questions?
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