Equity Release Mortgages
If you are typically over the age of 55 and need to release equity from your home whether it be to repay an existing debt or to use as your ongoing pension a Lifetime mortgage or Home reversion plan may be your best option.
Is equity release right for me?
Whilst there are benefits for people in this situation, equity release isn’t for everyone and the benefits need to be weighed up alongside drawbacks, such as equity release can:
- Be expensive
- Impact on you being able to claim certain state benefits and your personal tax position.
- Impact on local authority grants / other grants (i.e. for essential home improvements)
- Potentially erode any inheritance passed down to loved ones
Also, there may be alternative options available to you that need to be explored before taking the equity release route, such as consideration of a conventional mortgage as an alternative, moving to a smaller home, using any savings or investments and potentially selling the home and moving into rented accommodation or living with children or other relatives.
Don’t worry as we can help you understand all the features and drawbacks so you can make a fully informed decision.
Reasons to release equity
Pay off existing debts with the equity from your house
Use as an ongoing pension for you or you and your spouse
Release funds to enjoy your retirement
Fund your children through university or house buying.