Equity release could unlock some tax-free cash from the value of your home. This could be used to pay off debts, make home improvements, enjoy a once in a lifetime dream holiday, or even allow you to create some lifestyle changes.
Releasing equity from your home is not a decision you should take lightly and there are many important factors to consider first, before you can determine if it is the right thing to do. These can include your eligibility for means-tested benefits, such as Council Tax Support and Pension Credit, as well as your estate value decreasing and possible effects on family inheritance.
At Barfield Financial Advisors’ offices in Northampton, Bedford, Milton Keynes or Oxford, much like with pensions and investments, we have a dedicated, highly qualified, equity release advisor with a wealth of experience helping clients achieve their goals by freeing up their tax-free cash.
Your advisor will first understand your personal circumstances and talk you through the equity release process and its possibilities, along with the implications to be considered. Your advisor will always be there to answer any questions, no matter how small, to make certain you feel assured and confident about your financial choices.
Equity release (including Lifetime Mortgages and Home Reversion Plans) will reduce the value of your estate and can affect your eligibility for means-tested benefits. Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Equity release reduces the value of your estate, which means there will be less wealth to pass on to your heirs. It’s important to consider the impact on family inheritance and possibly discuss this with your family before proceeding.
Yes, the two main types are Lifetime Mortgages and Home Reversion Plans. A Lifetime Mortgage is a loan secured against your home, while a Home Reversion Plan involves selling a part or all of your home in exchange for a lump sum or regular payments, whilst retaining the right to live in it.
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