The value of your home, minus any outstanding mortgage you may have, is described as your ‘equity’. Equity release is the process of unlocking some of this value, turning it into a tax-free lump sum of cash for you to spend as you wish, either purchase another property as an investment, improve your lifestyle or help your loved ones.
If you are a homeowner aged 55 or over, you could be eligible to take advantage of releasing equity from your property. Equity release can significantly improve your financial situation, giving you a more comfortable retirement, without having to move from your home to a smaller property.
You must be aware, that all plans will reduce the value of your estate and may affect your entitlement to state benefits. Equity release schemes may work out more expensive than alternatives such as downsizing to a smaller property.
EQUITY RELEASE REFERS TO HOME REVERSION PLANS AND LIFETIME MORGAGES. TO UNDERSTAND THE FEATURES AND RISKS ASK FOR A PERSONALISED ILLUSTRATION.