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Equity release is a way to unlock the value of your property and turn it into a cash lump sum or receive several smaller amounts. You have to be over the age of 55 and there are different options to consider.

If you’re thinking about equity release, it’s a big decision which needs careful consideration. One of our independent financial advisers can provide you with equity release advice and help review your circumstances to see if this is the best option for you or whether there are more suitable ones available.

Types of Equity Release

Equity Release is available as either a Lifetime Mortgage or Home Reversion Plan. Below is an explanation of each:

lifetime mortgage

Lifetime Mortgage

A lifetime mortgage enables you to release a tax-free cash lump sum from the value of your home, whilst retaining ownership.

home reversion

Home Reversion

A home reversion allows you to sell some or all of your home to a home reversion provider and in return you’ll receive a lump sum or regular payments.

It can be difficult to understand the risks involved with equity release. Here are some pros and cons:

Advantages

  • You can get a tax-free lump sum or regular payments in addition to your income
  • You are able to continue living in your current home
  • You continue to benefit from any rise in property value
  • Equity release is transferable so you would still be able to move property in the future

Disadvantages

  • Equity release reduces the value of your estate and what you may leave behind for loved ones
  • Receiving the lump sum may reduce your entitlement to certain benefits
  • It can be more expensive in comparison to an ordinary mortgage

Find your local Truly Independent financial adviser

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