What is equity release?
Equity release enables you to unlock money from your home whilst still living there. You do not have to repay any of the money borrowed until the property is sold either on your death or when you move into care.
To qualify for an equity release scheme you must be over a certain age, usually 60, and own a property.
Equity release can provide you with access to:
- a single cash lump sum
- a facility to take cash lump sums as and when you need them
- a regular income
The importance of advice
It is essential to take professional financial advice before opting for an equity release plan. At Just Retirement Solutions we offer a service which gives expert personal financial advice and, if equity release is considered appropriate, will recommend the most suitable product for an individual’s particular circumstances from a range of major providers.
We only deal with providers who are members of SHIP (Safe Home Income Plans), which means that all products we recommend will have a number of important guarantees. The plan holder will, for example, always be able to live in their home and will never owe more than its value.
As equity release is a lifelong commitment you should involve your family in the decision making process because releasing money from the home will affect the amount that you will be able to leave them when you die.Taking out equity release may affect your tax position and entitlement to state benefits.