Equity release is a financial product that allows homeowners, usually those over 55, to access the equity tied up in their property while still living in it. The main form of this is:

 

Lifetime Mortgage: This allows you to take out a loan secured against your home's value, which is repaid when you pass away or move into long-term care. The interest can be rolled up, meaning you don't make regular repayments, or you can choose to make interest payments to limit the loan's growth.

You might consider equity release if you have a significant portion of your wealth tied up in your property and need additional funds for various reasons, such as:

 

1. Supplementing Retirement Income: It can be used to boost your retirement income, cover living expenses, or fulfill personal goals.

2. Home Improvements: Equity release can fund home renovations or adaptations to make your living space more comfortable and accessible.

3. Clearing Debts: It can help pay off existing debts or mortgages, reducing financial burdens.

 

However, equity release is a significant financial decision that requires careful consideration. It may impact your inheritance and entitlement to means-tested benefits. Before proceeding, seek independent financial advice and consider alternative options, like downsizing or using other savings, to ensure it aligns with your long-term financial goals.

 

Before considering Equity Release as an option for you, contact our team today for a free initial consultation to help you find the best solution for your needs.

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Disclaimer:

Equity release is not right for everyone and may reduce the value of your estate.

A lifetime mortgage is a long-term commitment that could accumulate interest and is secured against your home.