Equity release is a way of getting cash from the value of your home. These schemes can be helpful in certain circumstances but are not suitable for everyone.
Equity release for additional income or tax-planning
If you’re retired and living on your pension, you may be finding money is a bit tight. If you own your own home and are in your mid-50s or over, you may be thinking about equity release because it could provide you with a lump sum or additional income. You might also consider equity release for tax-planning reasons.
Equity release is a way of getting cash from the value of your home. These schemes can be helpful in certain circumstances but are not suitable for everyone. For example, they can be expensive and inflexible if your circumstances change in the future and may affect your current or future entitlement to State benefits.
One way is to borrow a lump sum secured against your home. Another way is to sell part, or all, of your home to give you a regular income, lump sum, or both. This still enables you to continue to live there.
You will most likely need to have paid off your mortgage, or have a very small outstanding mortgage to qualify for an equity release scheme.
To be able to advise on equity release schemes, an adviser must hold an appropriate Equity Release qualification, as is held by Kenneth Brewster at Brewster Financial Services.
To understand the features and risks, ask for a personalised illustration