There are a number of criteria you’ll need to meet in order to arrange equity release.
First things first, you’ll need to
be 55 or older
have UK or EU citizenship with permanent rights of residency in the UK
own your own home, and
have no tenants
And you must remember:
It’s a lifetime commitment. The mortgage is repaid when your property’s sold – which is usually when you and your partner have both passed away, or have moved into long-term care. If you decide to pay it back early, you might have to pay a penalty charge.
All equity release plans will reduce the value of your estate.
Equity release might affect your tax position, or entitlement to means-tested benefits.
You should involve your family in the decision making.
You should consider all of your options before making a decision.
So equity release probably isn’t right for you if:
you only need a small amount of money (equity release could be unnecessarily costly)
you only need some money for a short period of time (equity release plans are designed to run for the rest of your life)
you want to safeguard what you leave to your loved ones (equity release will reduce the value of your estate), or
you’ve got savings you can use instead (the interest due on a lifetime mortgage is likely to be higher than the interest you get on your savings)
At Largeequityrelease.com, we can help you work out if equity release is right for you or not. Contact us today for honest, impartial advice from the equity experts.