If your home is valued over £70,000 and you are over 55 years of age, you could be eligible for an equity release plan.
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An equity release plan allows homeowners to release equity (cash) from their home. There are two types of equity release; a lifetime mortgage and a home reversion plan. Whilst both options allow you to release equity from your home, lifetime mortgages are the most popular plan option.g
Equity release is, in a nutshell, a way to unlock the value of your property and turn it into a cash lump sum. You can do this via a number of policies which let you access the equity (cash) tied up in your home, if you’re 55+. As a rule, you can take the money you release in one lump sum, in several smaller amounts or as a combination of both.
A lifetime mortgage is the most popular type of equity release mortgage. Having a lifetime mortgage gives you tax-free cash to enjoy in retirement – while letting you keep ownership of your home. You can choose an equity release plan that allows you take all your money at once, or access smaller amounts as and when you need them.
With a home reversion scheme, you sell all or part of your property at less than its market value in return for a tax-free lump sum, a regular income, or both, but stay on in your home as a tenant, paying no rent. Home reversion plans are one of the two main types of equity release. The other is a Lifetime mortgage.
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