Is equity release right for me?
More and more people approaching retirement are turning to equity release mortgages in the UK as a way of increasing their income in later life. By choosing one of Age Partnership's recommended UK equity release schemes you could enjoy a more comfortable and secure retirement. So if you are a homeowner and you're over 55 years old, you can turn some of the value of your home into a tax-free cash sum or a regular income for life.
Equity release can change your life for the better but there's also a lot to understand and a lot to consider before you make a decision. That's where Age Partnership comes in. As independent UK equity release specialists we can take you step by step through the whole process. We will tell you more about equity release and if it is suitable for your circumstances. We can also provide you with a free, no obligation quotation so that you can go away and make an informed decision with your family.
Choosing an UK equity release scheme
Equity release in the UK has three main categories. They are Lifetime Mortgages, Drawdown Lifetime Mortgages and Home Reversion Plans. Information can be found on our website or by calling 08080 555 222 . Age Partnership will tell you about the different UK equity release schemes on offer and guide you every step of the way to help you can find the plan that best suits your requirements.
Are you eligible for equity release?
You and your partner must be aged 55 or over to qualify for equity release in the UK (60 if you're considering a home reversion plan).
Your home must be worth at least £50,000 and you must be able to clear any outstanding credit secured on the property with the equity you release.
General pros and cons of equity release in the UK
- Allows you to free up a lump sum of tax-free cash to be more comfortable in later life
- Enables you to remain in your own home for the rest of your life if you choose
- There are no regular repayments to make and you are covered by a 'no negative equity' guarantee
- Can reduce the inheritance tax bill faced by your estate
- Equity release is a big commitment
- Will shrink the inheritance you leave to your loved ones
- Can in some cases effect your entitlement to state benefits
Call us today on freephone 08080 555 222 or use our equity release calculator to find out how much equity you could release.
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