Equity release for the over 55s
Equity release allows you to release tax-free money from your home by taking out a loan secured against your property. The value of your home, less any outstanding mortgage or secured loan or charges, can be described as the equity.
If you are aged over 55 years and a homeowner, then you may qualify for an equity release plan.
Usually to access your equity in your home you would need to sell your property or re-mortgage and take a monthly commitment.
Taking out an equity release plan means that you won’t need to sell your property or down size. With most plans there are no monthly repayments to make.
With a lifetime mortgage, you continue to own the property 100% and the deeds remain in your name.
You have the right to remain in your property until the death of the second applicant or the move into long term residential care.
With the majority of providers, you can either take the money in one lump sum or in stages as and when you need it or a mixture of the two. (Lender specific.)
Due to increases in the property market, there is every chance that your home is your biggest asset and is worth considerably more than you paid for it. Many millions of UK homeowners who have reached or are approaching retirement, find themselves with a wealth of equity that outweighs their income and savings.
There have been a number of improvements within the equity release markets in recent years and the equity release plans on offer are regulated by the Financial Conduct Authority. Plan have become more affordable, secure and more flexible.
Equity release lets you concentrate on the important things in life.
Q: Are you one of the thousands of homeowners in or approaching retirement with concerns about your current of future finances?
A: Then why not transform the money held in your bricks and mortar into a tax-free cash lump sum to ease the worry of life.