IS EQUITY RELEASE RIGHT FOR ME?

Did you know that with the most popular form of equity release, a lifetime mortgage, you continue to own 100 per cent of your home?

Homeowners aged 55 and over have the option of unlocking tax-free cash from their home on a fixed rate of interest and choosing whether to make repayments. You could unlock from a minimum of £10,000 up to 50% of the value of your property. What would you spend the money on?

Maybe you’re planning home renovations, the holiday of a lifetime or providing a cash gift to family. Once you’ve repaid any mortgage the money is yours to enjoy spending. WHEN IS THE MONEY REPAID? The money that you release, plus the interest that you accrue, is repaid when you die or go into long-term care and your property is sold. There are also now plans that allow you to pay off some of the interest each month and you can choose the percentage that suits you. By paying a percentage of the interest, you can reduce the amount of debt that is being rolled up. CAN I PROTECT MY LOVED ONES? You may be concerned about passing on debt to your family, but all equity release plans come with a no negative equity guarantee, which means that you can never pass on the debt to your estate, providing the property is sold for a reasonable amount. There are also plans that allow you to safeguard a percentage of your property value so that you can still pass on an inheritance to your loved ones. HOW MUCH COULD I RELEASE? We’re pleased to be working with Age Partnership+, part of the UK’s No. 1 equity release adviser*, to offer an equity release service. Through our service, your dedicated adviser can provide you with a personalised illustration so you can understand the features and risks and find out how much you could release. They will help you understand if equity release could be right for you and will tell you everything you need to know, including the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.

Your adviser will review a wide range of plans from the whole of the market to find the most suitable solution for your individual circumstances.

It’s important to know that equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property. Your quotation is free and you are under no obligation to proceed. Only if you choose to proceed and your case completes would a fee of £1,995 be payable.