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- A less popular option than lifetime mortgages, here a provider pays you a tax-free lump sum for a portion of your home at below market value. You can then live in the property (rent-free) until you die. When it's sold, the proceeds are split based on the percentage you own and the lender owns.
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Equity release is a way to unlock the value of your property and turn it into cash. You can do this via a number of policies which let you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. You don't need to have fully paid off your mortgage to do this.
Jul 12, 2024 · If you're looking to address a pension shortfall, or address debt, or want to reduce your inheritance tax bill or finance later life care, equity release can appear attractive, especially if you lack other borrowing options. But it's an expensive, lifetime commitment that's not right for everyone.
Apr 26, 2024 · An increasing number of homeowners aged over 55 are considering equity release to access a large lump sum, top up their pension, or even fund renovations for their home. But what is equity release, and who are the best providers currently? Summary. The two most popular types of equity release are lifetime mortgage and home reversion.
- The value of your home, known as equity, is determined by subtracting any outstanding mortgage balance from the total market value. Essentially, it...
- In this article, we’ll reveal some of the best equity release companies, all of which are regulated by the Financial Conduct Authority (FCA) and ar...
- Your Age
- Your Home
- Your Family
For a lifetime mortgage, you (or both of you if you're borrowing jointly) need to be at least 55 years old. For a home reversion plan, you (or both of you if you're borrowing jointly) need to be at least 60 years old.
You must own property in the UK, and it must be your main residence. Your property also needs to be in reasonable condition and over a certain value. There may also be restrictions on the type of property accepted. You might still qualify for equity release if you have a mortgage or other loan secured against your property – but it will depend on t...
Equity release can be complicated if you live with any dependents. To stay living in the property with you, they might need to sign a waiver confirming they understand they don't have the right to keep living in the property if you die or move into permanent care. Equity release could also affect someone coming to live with you in the future. If a ...
May 22, 2024 · An equity release solicitor ensures you receive independent advice and are acting with a full understanding of what an equity release contract entails. As equity release can impact what your beneficiaries can inherit, it can have broader implications.
What is equity release and how does it work? Equity release is a way of releasing cash from your home. You can do this through a lifetime mortgage or a home reversion plan. We go into more detail about these two products and how you can access the money in our article 'How equity release works'.
Oct 18, 2023 · Equity release with a lifetime mortgage or home reversion plan is a way of taking out some cash from the value of your home, if you're aged 55 or over, without having to move. The type of equity release that we offer is called a lifetime mortgage.
