Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.
Unlock Money from your home with Equity Release
What Equity Release Plans are Available?
An Introduction to Equity Release
If you are 55 or over and you own your own home, you could qualify for an Equity Release plan and unlock a lump sum from your property and help you enjoy the retirement you deserve.
The value of your home, minus any outstanding mortgage or any other lending secured on it, can be described as your ‘equity’. An Equity Release plan enables homeowners like you to unlock some of this value as tax-free cash.
Because the funds are yours in the first place – you’re simply ‘releasing’ them – the money you receive is tax-free and can be spent on anything you like.
What can equity release be used for?
- Repay standard mortgage
- Home Improvements
- Supplement your income
- Helping family
- New car
- Holiday of a lifetime
A ‘step-by-step’ guide to Releasing Equity.
Step 1: Do You Qualify?
Do you own your own home? And is the youngest homeowner aged 55 or over? If you can answer ‘yes’ to these two questions, you are likely to be eligible for Equity Release
Step 2: Is Equity Release the Right Option for You?
To find out whether equity release is your best option, you should call us for specialist independent advice. We will be happy to tell you more about the plans available.
If you decide to go ahead, we will complete the application form with you.
Step 4: Receive Your Money
Most Equity Release applications take between six to eight weeks to complete. However, we will do all we can to keep this wait to a minimum.
The advisors will tell you everything you need to know about Equity Release including the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
Equity release may involve a home reversion plan or a lifetime mortgage which is secured against you property. To understand the features and risks ask for your personalised illustration.
You only continue to own your own home with a lifetime mortgage which is secured against your property.
Only if you choose to proceed and your case completes would a typical fee of 1.50% of the amount released be payable (minimum £995).
Equity Release requires paying off any outstanding mortgage. Equity released, plus accrued interest to be repaid upon death, or moving into long-term care.