Equity Release allows you to release tax-free cash based on the value of your property, freeing up funds for you to use as you wish. Many will use this to supplement their pension once they retire and live a better quality of life, without having to leave their homes or pass on any debt to their family.
Equity Release allows you to access the wealth you have built up in your property, giving you the option to take out a percentage as a lump sum or in smaller payments. Customers are more likely to be accepted if they are 60+ years old and must have a property worth at least £70k.
|This is the most popular form of Equity Release.
It allows you to secure a mortgage against your property, with the option of taking either a lump sum or smaller, more regular payments.
The property must be your main residence and you must decide if you want to pay back some of the interest through instalments or allow the interest to roll up to be paid off once the property is sold.
|This option allows you to sell some or all of your home to a Home Reversion provider.
In return, you can choose to receive a lump sum or regular payments. You are able to live in the property rent-free until you die or move into long-term care.
You can also ring-fence a portion of your property should you wish to leave it as an inheritance. If you sell a portion of the property, the percentage you retain will always be the same regardless if there is a rise or drop in property prices.
The short answer is yes. Equity Release is fully regulated by the Financial Conduct Authority (FCA) and most providers are also members of The Equity Release Council. This requires all providers to stick to a strict code of conduct and ensure that customers are protected.
✓ Tax-Free Lump Sum – You can claim a tax-free lump sum to do with it as you wish. Most will use this to supplement their pensions and help improve their quality of life in retirement.
✓ Stay In Your Home – Rent-free for the rest of your life should you wish to
✓ No Negative Equity Guarantee – This ensures that if the amount you owe exceeds the value of your property, you and your family will not be liable for the shortfall. This provides peace of mind knowing that your family will not incur any debts as a result of your policy
✓ Fully Regulated – The Equity Release market is fully regulated by the Financial Conduct Authority (FCA)
✓ Flexible – New product innovations have created many flexible plans and payment options, as well as a reduction in interest rates, ring-fencing a value to keep for yourself or leave as an inheritance
The loan is recovered only when the property is sold in the event of death or you have moved into long-term care.
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