Equity Release products are designed for people typically over 55 to take cash value from their homes without having to move. There is a wide range of Equity Release products which can provide a valuable source of income for some people.
These schemes allow the borrower to stay in their home and benefit from the cash released from the equity of their property until certain events occur for example moving into long-term care or death. At this point the lender will be repaid, usually through the sale of the property.
There are different types of Equity Release Scheme, some of which mean ownership or part-ownership of the property passes to the Equity Release provider and others where a cash sum is drawn from a promise to repay the lender on the sale of the property. It is important if you are considering an Equity Release scheme to understand the differences between these scheme types and this is something we can help you with.
Equity release can be very useful in some circumstances but it is essential to seek advice on whether it is suitable for you. We will help you understand if it is the right option for you, so please get in touch if you are considering an Equity Release scheme. We are experts in this market and will make sure you receive the right advice.
Equity release has to fit with a customer’s needs, circumstances and preferences, where the benefits need to outweigh the drawbacks (including outweighing the adverse effects on the customer’s entitlement to means-tested State benefits and their personal tax position) and be more suitable than alternative methods of raising funds.
Equity release products are either lifetime mortgage or home reversion plans. We offer a comprehensive range of equity release products from across the market but not deals that you can only obtain by going direct to a lender.
Equity release may require a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
It is advised that customers seek Independent Legal advice before entering into a legally binding equity release contract.