To be eligible for equity release, you will normally need to be at least 55 years of age and to own your own home. Their property will also need to be worth a minimum amount – which varies between providers. It will be considered to be worth its open market value minus any mortgage or other outstanding debt secured against it.

Equity release plans are not suitable for everyone and our advisers will let you know if it is more appropriate for you to consider other options. Moving home to a smaller property or to a different area can generate a lump sum. Also, being retired does not stop you from being able to borrow against their property via a standard loan or mortgage. If you need to make home repairs or improvements they should contact your local council may be able to offer a grant to pay for these.

No. Its advisers will only ever recommend Just Retirement’s products if they are the most suited to the particular circumstances of the individual concerned. Although the two organisations are sister companies they operate independently.

Means-tested benefits may be affected but entitlements to State benefits, together with any impacts, will be clearly identified during the advisory process, and will be discussed and taken into account. If you have any concerns then you should check your entitlement with your Benefits Agency, the Citizens Advice Bureau or your Local Authority.

Your initial lump sum or the income provided by the scheme, together with any further advances, will not incur Capital Gains and Income Tax. However, should you put the money into a deposit account you may be taxed on the interest you receive from it.

Equity release plans will reduce the value of your overall estate for Inheritance Tax purposes if some or all of the money is spent. This can enable you to benefit from the equity in your property without losing it in tax on your death. There are also other ways of reducing Inheritance Tax liabilities which could be more appropriate in certain circumstances. Just Retirement Solutions do not advise on tax and so we suggest you find an independent adviser that specialises in this area to find out more - www.unbiased.co.uk may help you find an adviser in your area.

The risks will depend upon the type of equity release plan chosen. 

With a roll-up lifetime mortgage, the debt will continue to increase until the property is sold but most providers guarantee that the amount owed will never exceed the sale proceeds of your property.

A home reversion plan actually involves selling an agreed percentage of the home to the lender, so there is a risk of the plan holder’s estate failing to benefit from any future rise in house prices on this percentage.

A Just Retirement Solutions Limited adviser will explain all the associated risks. To understand the features and risks, please ask for a personalised illustration.

Those taking out equity release will need to make sure that they have appropriate buildings and contents insurance. They will also be responsible for maintenance and repairs.

Just Retirement Solutions Limited only ever recommends plans provided by Safe Home Income Plan (SHIP) members, who guarantee that the plan holder - or their surviving partner in the case of joint schemes – will be able to live in their home until they die or permanently enter long-term care. This is based on abiding by the terms and conditions set by the provider.

Just Retirement Solutions Limited, because it only deals with Safe Home Income Plan (SHIP) members, only recommends equity release schemes that allow the plan holder to move house – provided that that the new home still meets the provider’s acceptance criteria.

On the death of the last surviving person the property will be sold.

With a lifetime mortgage, the proceeds of the sale will be used to pay off the original loan plus any accumulated interest. Any remaining funds will form part of your estate.

In the case of a home reversion plan, the property will belong at least in part to the reversion company, and your estate will receive the sale proceeds relevant to the proportion – if any – you still own.