Equity Release:
Lifetime mortgage
Releasing the Equity From Your House
There are a number of schemes, which enable you to tap into the value of your home without having to sell it and move out. Over the past thirty-five years, thousands of retired homeowners have found that these plans provide a safe and successful method of releasing regular income or a cash lump sum, to improve the quality of their life in retirement
The alternative may not be very attractive. Too many elderly homeowners find themselves in the unenviable position of having to watch every penny they spend from day to day, while most of their money remains locked up in their single biggest asset - their home.
Lifetime mortgages can resolve the problem. But there are other schemes on the market which make the same promises - and bitter experience has shown that they are neither safe nor successful.
These schemes have been known by a variety of names in the past, including home income plans and equity release plans. This can be confusing so care, and professional help, is needed to decide what is right for you.
The purpose of this service is not to recommend any particular plans to you. Its aim is solely to help you to distinguish between the various plans available and to enable you to make an informed and sensible choice.
This is a Lifetime mortgage. To understand the features and risks, ask for the personalised illustration
There are other factors to consider, such as any effect it may have on your tax status, or your entitlement to means tested benefits or age allowance. Releasing equity also means your estate would receive less or nothing depending on the type of plan taken. There are also limits on the amount you can release.”
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