It can be confusing when thinking about what you want to do with your money once you start getting older. There are a few things to keep in mind such as how much pension you’ll be receiving and also leaving an inheritance to your family. One of the most common questions we get regarding equity release is “what will happen when I pass away?”. It can be a tricky subject to talk about and consider but don’t worry. We’ve put together all the information you might need when making decisions regarding the future of your finances.
Before we begin, let’s get back to basics. What exactly is equity release? Quite simply, it’s when you take out a loan against your house. The size of your loan depends on a few different things such as the value of your property, your age and your personal circumstances.
Below we’ve detailed how the process works from start to finish and how you can release some extra cash.
To get started and earning, you’ll meet with an equity release adviser to discuss your options and which scheme will work for you. They’ll draw up some documents for you to take away and have a think about before you make those all-important decisions. These will contain an equity release plan tailored specifically to you, in detail. Find out more about the schemes you could benefit from here.
We recommend having a chat with your family or any beneficiaries after your initial meeting with your equity release adviser if you want to. All of the schemes come equipped with information about preparing for the future and how your equity release plan will be taken care of once you pass away or move into long-term care.
If you are happy to proceed after you’ve spoken to your beneficiaries, you’ll have another meeting with your adviser where they’ll help you through completing the application and then send off the documents to the lender. We’ll then get in touch with your solicitor and arrange a valuation of your property. Once this is done, your solicitor will complete all the legal paperwork needed and arrange a date for the funds to be released to you.
Once the equity is released, you can use the tax-free cash for whatever you need. How will you spend it?
Get started now by having a chat with us on 0800 680 0356.