How Equity Release Works
Equity release plans are available for homeowners aged 55 and over to release the tax-free cash tied up within your home. By opting for an equity release plan, you do not need to move out of your home, and depending on the plan you opt for, there are a variety of repayment options.
Lucy will explore your current circumstances to determine if Equity Release is right for you and the amount of money you may be able to release, taking into consideration the value and age of your property.
Equity Release is a loan secured against your home. It will reduce the value of your estate and may affect your entitlement to means tested state benefits. Please seek professional legal and financial; advice before doing anything.
How can a Mortgage Adviser help?
Heart and Home Mortgages have a dedicated adviser on hand who can provide clear information and guidance on what Equity Release options are available to you, giving recommendations and planning for your next steps. Lucy is our specialist adviser and she can discuss your options in relation to your current circumstances, and can offer advice on equity release schemes from a panel of providers.
We will support you throughout the process, providing guidance and understanding to find the plan that works for you.
There are a number of options available and Lucy will be able to create a personalised plan for you to meet your needs and suit your current circumstances.
Our personalised approach ensures simplicity, choice and expertise.
A Lifetime Mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release. The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead.