Equity Release products are designed for people over 55 to take cash value from their homes without having to move or to help raise extra funds when looking to move home. There are a wide range of Equity Release products available that can provide either a lump-sum or a valuable source of income.
These schemes allow the borrower to stay in their home and benefit from the cash released from the equity of their property until certain events occur for example moving into long-term care or death. At this point, the lender will need to be repaid and this is usually through the sale of the property although not necessarily so.
There are different types of Equity Release Scheme, some of which mean ownership or part-ownership of the property passes to the Equity Release provider (called ‘Home Reversion’) and others where the lender does not take any ownership of the property but allows the borrower to take either a single or multiple cash withdrawals with a promise to repay the lender when the last surviving borrower is no longer living in the property (called a ‘Lifetime Mortgage’).
Equity release can be very useful in some circumstances but it is essential to seek advice on whether it is suitable for you. We will help you understand if it is the right option for you if you are considering an Equity Release scheme.
You can arrange a home visit at a time that is convenient for you, where one of our advisers will discuss the options that are best for your situation.
*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.
For Home reversion plans we act as introducers only