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How Can Equity Release Help You?

For many people their home is probably their biggest financial asset, far outweighing any savings and income. One way to tap into this wealth is through an equity release plan.

It can be a highly suitable option for homeowners over 55, providing them with tax-free cash, whilst in most cases, they continue to own their own home. More and more people are discovering that equity release can offer life-changing benefits and freedom to enjoy their retirement.

With increasing life expectancy, pension savings gap, shrinking pension funds and the rising cost of living, equity release could provide you with an extra source of income.

There are other things that you need to consider before you make a decision on whether to go ahead. Of course, we will discuss each of these with you before we make our recommendation to you.

Advantages

  • You can get a lump sum, a regular income, or both, and you don’t have to move house.
  • All plans we arrange are fully regulated by the Financial Conduct Authority (FCA), which means that they must be fair and presented in a totally clear way and ensure your financial safety
  • A reputable plan will guarantee that you’ll be able to continue living in your home until you die or go into long-term care.
  • The range of plans available mean there is flexibility based on what is right for you and your adviser can talk you through your options.

Disadvantages

    • By releasing funds that would otherwise stay tied up in your home, an equity-release plan may reduce the size of your estate. As a result it will reduce the amount that you would be able to pass on to any beneficiaries as inheritance.

 

  • It is possible that the funds made available to you by releasing equity could affect your entitlement to any means-tested state benefits that you may receive now or in the future. Means-tested state benefits can be assessed on your income, assets or investments (or any combination of the three).
  • If you want someone such as a relative, carer or new partner to move in, contact your provider. They may not have the right to stay living there after you die or move into long-term care.
    Although you can move home and take your Lifetime mortgage with you, if you decide you want to downsize later on you may not have enough equity in your home to do this. This means you may need to repay some of your mortgage.

Our experienced and qualified advisers will ensure you understand all of the facts about releasing your equity.

Equity Release Calculator

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