Equity Release

These days, the cost of living continues to rise, and when you are retired, perhaps on a fixed income, these costs can rapidly eat into your monthly income.

If you own your property, perhaps mortgage free, this can offer a useful source of funds to help your income, by considering an Equity Release scheme.

The equity (value) you have in your home is its open market value less any mortgage or other debt held against it.Equity release is a way of getting cash from the value of your home without having to move out of it.

There are two main types of equity release schemes lifetime mortgages and home reversions.

With an equity release scheme, you

• Have to be over a certain age (typically over 50) and own your own home
• Can get a cash lump sum, a regular income, or both, to use as you wish
• Continue to live in your home; and
• Continue to be responsible for maintaining your home.

Equity release schemes are complex and you should always consider taking professional advice before making any commitment.

To enquire or make an appointment with a specialist adviser, click here and complete our contact form.

For further information, please click here for a guide provided by the Financial Services Authority.

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