Equity release allows homeowners who are aged 55 or over to release some of the equity tied up in their home and turn it into tax-free cash.
For many people their home is likely to be their biggest financial asset, far outweighing any savings and income.
Current equity release market conditions are strong, with low lifetime mortgage interest rates that could save homeowners who previously considered equity release, hundreds or thousands of pounds over the course of a plan
The Equity Release Council has just report its strongest quarter ever – lending over half a billion pounds in the last three months alone.
What's more, according to Nationwide, average UK house prices have increased 23% since 2012 meaning homeowners may have more equity in their property than they think.
Plus, it has been predicted that house prices are to rise a further £40,000 on average, in the next five years¹. This is great news as most equity release plans allow homeowners to maintain 100%² home ownership, meaning they could still benefit from any further growth in their property's value.
Your advisor will tell you everything you need to know about equity release including the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
To find out more about equity release including how much money you could release from your home, click here or call us on Freephone 0800 464 0721.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Age Partnership provides advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of 1.7% of the amount released by payable.
¹The Centre for Economics and Business Research for the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents. ²You only continue to own your home with a lifetime mortgage, secured against your property.