If you are a homeowner aged 55 or over you could benefit from releasing tax-free cash from your home. Our guide, written by Age Partnership+, explains:
- What equity release is and the types available
- A ‘step-by-step’ in how to release equity
- How to choose the right plan for you
Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To understand the features and risks, ask for your personalised illustration. Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care. Your advisor will tell you everything you need to know about equity release, including the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future. Initial advice is provided for free and without obligation. Only if your case completes would an advice fee of £1,995 be payable. Other lender and solicitor fees may apply.