There may be a time in life when all your assets have been realised and that you find you still need additional income or a lump sum, but have very little left to provide for this except your home, and you don’t want to sell.
Equity Release or Lifetime mortgages may provide an answer. Although schemes vary, with Equity Release you effectively borrow money that is secured against the value of your home and this may allow you to release a regular income or cash lump sum or a combination of both from the property. You do not have to pay anything back until you (and for joint mortgages, your spouse) have died or the property ceases to be your main residence, for example if you have to go into care permanently. Until this happens you continue to own your own home.
If you would like advice on Equity Release for yourself or an elderly relative please contact Forward Plan on 01303 76 76 50
Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration. Equity Release is not right for everyone and may affect your entitlement to state benefits and will reduce the value of your estate.
Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration