What Is Equity Release?
Equity Release Schemes allow you to benefit from the equity that is tied up within your property.
Equity release enables people over the age of 55 to release tax free cash from the value of their
home. The money can be withdrawn to suit your requirements & can be taken as a lump sum,
or by flexible withdrawals, or as additional income to supplement retirement lifestyle. In fact,
you have the freedom to spend the equity release tax free cash on anything you wish.
Equity release schemes
are designed to run for your lifetime. They are repaid on death or after moving into long term care. At this point
the house is usually sold and the equity release mortgage is repaid from the sale proceeds. Equity release
lenders provide a 12 month window to complete this sale. Any money left over will pass to your beneficiaries.
Equity Release UK
schemes now also give you the option of making monthly payments, thus you can choose whether to repay
the interest or not. This decision will depend on your own personal finances & how much inheritance you
wish to leave your children or beneficiaries. This is key to the equity release decision making process and
should always be discussed with your family members.
are discussed in greater detail in our equity release schemes section here: -
- Lifetime Mortgage
- Roll-up Lifetime Mortgage
- Drawdown Equity Release
The release of equity from your home is a big decision to make and it’s therefore essential to take independent
equity release advice. An experienced equity release adviser will always help you consider the alternatives,
should better options be available. Please call freephone 0800 678 5169 to speak to an equity release adviser.
The following sections detail further specifics involved with these equity release mortgages:-