What is equity release?
In simple terms, equity release is turning some or all the value of your home into tax-free cash without having to sell or move.
The amount depends on the value of your home minus the mortgage or any loans you have on it.
Why get equity release?
People use the money to fund things such as home-based care, adapting a property to suit changing needs and helping children with property deposits.
Is it a good idea?
Advantages include regular cash payments or a one-off lump sum to top up your retirement income.
And the opportunity to enjoy any increase in value of your property since you purchased it.
The disadvantages of equity release are that it is often a complex and binding financial agreement.
It also impacts the amount of money the beneficiaries of your will are likely to get once you pass away.
What to do if you’re considering equity release?
If this is something you’re considering, it’s important to consult a financial adviser to understand the full implications.
Call us today to find out more.