More and more people in the UK are utilising the equity built up on their home and enjoy a better retirement. Modern equity release plans are now more flexible and those who are members of the trade body Safe Home Income Plans (SHIP) offer a guarantee that you will never owe more to the loan provider than the value of your property.
What is equity release?
Equity release enables you to unlock money, equity, from your home while you still live there. You don't have to make any repayments until the property is sold - either on your death of when you move into care, although interest will accrue against the debt.
To qualify for an equity release plan, you must be aged over 55 and you must own your own property. The plan can provide you with a cash lump sum, a regular income or both.
There are two main types of equity release plans available- Lifetime Mortgages and Home Reversion Plans. Both types of plan allow you to remain in your home and unlock cash to be used for whatever purpose you require.
Equity release is not suitable for everyone, and proper independent financial advice and proper independent legal advice must be sought before entering into any equity release plan.
We feel it is important that you involve your family in the decision process because releasing money from the home will affect the amount that you will leave behind when you die,
Taking out equity release may affect your tax position and entitlement to other benefits.
Contact us to make sure what you're doing is correct for you and you have the best possible deal on: 01332 362367 or email: email@example.com