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Equity Release and Lifetime Mortgages

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Equity Release and Lifetime Mortgages

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Equity release

If you own your own home and are in your mid 50s or older, and you want to improve your finances an equity release or home reversion scheme could be the ideal solution for you.

    Equity release is a lifetime mortgage.
    Home reversion is where all or part of your home is sold to a home reversion company

What is equity release?

Equity release schemes give homeowners a way to turn some of the value of their homes into cash - a lump sum, regular extra income, or sometimes both. You can live in your home until you and/or your partner dies provided your lifetime mortgage or home reversion scheme is in joint names. The property is then sold and the proceeds used to pay the accrued debt. Any surplus will form part of your estate.

How much is available to me?

The maximum amount of any equity release is determined by your age, health and property value. The amount will vary between different lenders and the type of scheme you chose

Is equity release right for me?

Equity release schemes can be a safe and practical way of unlocking the cash that's locked up in your home, but they are not always suitable for everybody, and you should always consider other options such as family support or moving home.

Typically, equity release may be suitable for people:

    who are over 60 (the minimum age for UK schemes);
    who own a property worth at least £80,000; and
    who want to remain in their current home rather than downsize the value of their property by moving home in order to release capital.

Why do people choose equity release?

People may decide to release the equity in their home for many reasons. For example you may want to:

    pay for home improvements or adaptations;
    pay for a holiday or new car;
    pay for immediate or future care needs;
    reduce inheritance tax liabilities for your family by reducing the value of your home;
    fund education fees, for example to help grandchildren through university; or 
    clear any outstanding debts.

How you spend the money is really up to you.
Things to consider before effecting an equity release scheme;

    Consider moving to a smaller home
    Consult your family. An equity release scheme will affect the size of any legacy you may to leave.
    Check your entitlement to benefit. Taking out any form of equity release could adversely affect your entitlements to means-tested benefits or support.

Please contact our team of friendly professionals on 01903 527000 or please use our contact form for further advice.

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