The value of your home, minus any mortgage you may owe and any other lending secured on it, can be described as your 'equity'. Many people choose to leave it tied up in their property throughout their lives. However, more and more people are now choosing to release some of this equity and turn it into a lump sum of money as part of their financial planning retirement.
An equity release plan is a popular way to meet your objectives in retirement without having to move home. Plus, when you take out a lifetime mortgage, the most popular type of equity release you continue to maintain home ownership.
There is no requirement to make monthly repayments with most equity release plans. Instead, on a lifetime mortgage, a fixed or variable rate of interest is rolled-up against the loan so that you have nothing to pay during your lifetime. Then when you pass away or move into long-term care, the house is sold and the loan, including the interest, is paid off with any remaining money passing to your estate.
The money you release from your home can be used as you wish; from improving your lifestyle to making a one-off purchase such as a car. Click here to find out what else you could spend your money on »
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Equity release may not be suitable for everyone which is why it is also important to seek advice from a qualified advisor who will take you through everything you need to know about releasing money from your home.
If you would like to speak to one of our advisors over-the-phone please do not hesitate to contact us on Freephone 08080 555 222. Our team are dedicated to providing a pressure-free and no obligation service, helping you understand the advantages and disadvantages of releasing equity from the home.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks, ask for a personalised illustration.
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Things to consider
As multi-award-winning equity release specialists we provide impartial advice covering your options as well as explaining what impact a plan could have on the size of your estate and if your entitlement to current and future means-tested benefits could be affected now or in the future.
We provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of 2.2% of the amount released be payable.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.