If you are a homeowner and are looking to generate income from your property in later life, there are a range of options available, bracketed under the general heading of Equity Release. These might include:

  • Interest only mortgages where interest payments are made throughout the loan period and the loan amount is repayable in full on death.
  • Lifetime mortgages where both the amount borrowed and the accumulated interest become payable on death.
  • Home reversion plans where ownership of all or part of your home is transferred to a provider and you receive the value of the property either as a lump sum or a monthly income. Plans vary—some involve paying a nominal rent whilst others provide rent-free occupancy. When the property is sold, the provider will receive the value, or a proportion of the value, of the property at that time.

Clearly the decision to borrow money in your later years will have a considerable impact on the estate you can leave to your heirs. We will give you clear, realistic advice about what options will best suit your circumstances and we will only recommend providers who follow the Equity Release Council code of practice.

We have advisers who hold specialist qualifications to advise in this area. Please contact us for more information.

Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration. Typical equity release advice fees will be £2,000.

CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT SEEK INDEPENDENT ADVICE.

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