Lifetime equity release mortgage
Equity release explained
Equity release advice
Equity release is a form of retirement lending that enables homeowners to release cash from their homes. The money you receive is completely tax-free and can be used to fund a more comfortable retirement, clear outstanding debts or support loved ones.
To be eligible, you must be over 55 years old and own your own home. Some providers will also require your property to have a market value of at least £75,000. But most base their criteria on your age, health, and property. As professional equity advisers we can help you to discover whether equity release could be a good option for you.
Our equity release advisers can help you to understand all the benefits, as well as any potential alternatives available to you. And, if you and your family agree that it is the best option for your needs, they will also manage your entire application for you. So, get in touch to discuss your options here today!
How does equity release work?
As an older borrower, there are two ways you can release equity in your home; a lifetime mortgage or a home reversion plan.
A lifetime equity release mortgage enables you to borrow the equity in your home by securing a loan against it. You still own the property and the amount owed is only repaid when it is sold. However, if you want to leave more equity in your home, a retirement-interest only mortgage will allow you to make repayments.
A home reversion plan on the other hand, works by selling all or part of your home below the market value for a lump cash sum, regular installments or both. You can continue to live in your home as a co-owner and will need to be over 65 years old to be eligible.
- Releasing equity from your home
Important things to note
Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
An equity release product will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits. To understand the features and risks please ask for a personalised illustration. We charge a fixed fee of £995 which is payable on completion.