Some of the benefits:
- You can stay in your home for as long as you choose (this can either be until the last person has died or moved into care)
- Even if you make no payments you are guaranteed to never end up owing more than the value of the property
- Disclosed adverse credit will usually not affect borrowing
- No proof of income is necessary
- You have the flexibility to choose whether or not to make monthly payments
- An alternative option to standard mortgages and loans
- Equity release is a highly regulated financial product and have robust consumer protection
- You will have independent legal advice with your chosen solicitor acting on your behalf
Some elements to be aware of:
Equity release plans:
- Equity release plans are not suitable for everyone
- releasing funds will reduce the value of your estate for your benficiaries
- Spending the equity in your home will leave less for the costs of future care should you need it
- It could affect any current or future entitlement to means tested state benefits
- Plans are portable so do not prevent you from moving home as long as the new property meets the criteria of the provider
We can help you to understand the features and risks. Simply ask us for a free personalised illustration.
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