Release money from your home to help achieve a range of possibilities
EQUITY Release is allowing thousands of UK homeowners to tap into the value of their homes and is proving to be a viable and attractive option for many people today.
The most common equity release product that people take out is a lifetime mortgage.
Typically people who take advantage of equity release are in their mid-60s or 70s. Like you, they have seen the value of their home rise over many years while working hard to repay their mortgage. Releasing a cash lump sum with a lifetime mortgage could allow you to unlock some of the money tied up in your home to spend however you wish – on home improvements, a holiday, or helping your family on to the property ladder or through university. Or, like others, you could choose to boost your income or pay off outstanding debts, including mortgage debt.
Common questions about lifetime mortgages
Will I still own my home? Yes, you’ll retain full ownership of your home until you die, or move into long-term care.
How do I know that equity release is safe? All reputable equity release providers are regulated by the Financial Conduct Authority and are members of the Equity Release Council, a trade body that protects equity release customers by ensuring members adhere to their Code of Conduct.
If you’re considering any form of equity release, it’s vital to seek expert financial advice to make sure it’s right for you.
Could I end up owing more than my home is worth? All providers who are members of the Equity Release Council offer a no negative equity guarantee, which ensures that your estate won’t have to repay more than the money received from the sale of your home, providing it’s sold for the best price reasonably obtainable.
Will I be able to leave an inheritance? Taking a lifetime mortgage will always reduce the amount of inheritance you can leave, but many providers offer a way to protect a percentage of the value of your home to be inherited by your loved ones.
However, doing this will reduce the amount you are able to release. If you’re a homeowner aged 55 or over, equity release could be an option for you. Minimum property values and property types apply. Visit aviva.co.uk/ equity-release for further information.