EQUITY RELEASE: UNLOCK MONEY FROM YOUR HOME FOR A MORE COMFORTABLE RETIREMENT

Equity release is typically available to people who are over the age of 55 and have their own home with a significant amount of equity, but don’t have enough money or income for their needs. By releasing equity in the form of a lifetime mortgage or home reversion plan, it enables the individual(s) to remain in their home and raise money for things such as: 

  • To generate a capital lump sum
  • To provide an additional income
  • Toprovide lifetime gifts to relatives
  • For home improvements
  • For holiday home purchase
  • To fund long term care
 Where equity release is a suitable solution and you take out a lifetime mortgage or home reversion plan, the money does not usually need to be paid back or the home sold until the last remaining borrower dies or moves into care, although this may not be the case, for example if you make repayments to preserve as much of the inheritable estate as possible.

Is equity release right for me?
 

Whilst there are benefits for people in this situation, equity release isn’t for everyone and the benefits need to be weighed up alongside drawbacks, such as equity release can:

  • Be expensive
  • Impact on you being able to claim certain state benefits and your personal tax position.
  • impact on local authority grants / other grants (i.e. for essential home improvements)
  • Potentially erode any inheritance passed down to loved ones

Also, there may be alternative options available to you that need to be explored before taking the equity release route, such as consideration of a conventional mortgage as an alternative, moving to a smaller home, using any savings or investments and potentially selling the home and moving into rented accommodation or living with children or other relatives.

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