Equity release is a financial product that allows homeowners, typically aged 55 and over, to access the money tied up in their property without having to sell it. It provides a lump sum or regular income, which can be used for any purpose, while allowing the homeowner to continue living in their home.
Taking advice before proceeding with an equity release product is crucial for several reasons.
Equity release is a significant financial decision that can have long-term implications on your financial health and estate planning.
We will provide you with a comprehensive understanding of the product, including the potential risks and benefits, and how it fits into your overall financial plan.
We can help you explore alternatives and ensure that you’re making an informed decision that aligns with your financial goals and circumstances.
Furthermore, getting advice is not just recommended, it’s a regulatory requirement in the UK for most types of equity release schemes.
This ensures you are adequately protected and are only recommended products that are suitable for your needs.
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* Please be aware that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact the funding of long-term care. To understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest is then repaid upon death, or moving into long term care.
Equity release can have potential risks such as reducing the value of your estate, affecting your eligibility for means-tested benefits, and potentially leaving you with no assets to pass on to your heirs. It's important to discuss these risks with an IFA before making a decision.
Yes, some equity release plans allow you to ring-fence a portion of your property's value to leave as an inheritance. However, the amount you can leave will be reduced by the amount of equity you've released. We will help you understand how this works.
Most equity release schemes allow you to move home, as long as the new property meets the lender's criteria.
We can provide more information on this.
The equity release loan is usually repaid from the sale of your home when you pass away or move into long-term care. If there's any money left after the loan is repaid, it goes to your beneficiaries.
Yes, it's possible to repay an equity release plan early. However, there may be early repayment charges.
We can advise you on the implications of early repayment.
We’re here to help! If you have any questions or need assistance with your financial planning, don’t hesitate to contact us. Your journey towards financial success starts here!