Each year many thousands of people use part of the equity in their home to help their financial situation.
AV Trinity of Tunbridge Wells have put together some information to explain a bit more about Equity Release and who it can benefit.
- It’s for those over age 55. You don’t have to be retired and it can be a good alternative to downsizing.
- You can spend it on what you like. The money that you release from your home can be used for any purpose. This could be to provide an extra income stream, paying for care or help at home, holiday, car, helping children or grandchildren or even to carry out repairs to your home.
- You don’t need to take it all at once. With Equity Release you have the choice of taking a lump sum or releasing smaller amounts at different times as needed. The actual amount that you can release will depend on your age and health, and you will need guidance on what is right for you.
- You don’t have to make monthly repayments. Most people simply let the interest roll up and this is repaid when the plan comes to its end on death or the need to enter long term care.
- Equity Release plans are flexible, and this is one of the major developments in this market over the last 20 years, and with a Lifetime Mortgage (the most popular version of Equity Release), you still own your home and subject to the lenders criteria, you can still move or downsize in the future
- The important guarantees: You can also ensure that a certain proportion of your home value will always be available to pass to your dependents.
Equity Release is not right for everyone and its important to seek advice on the right decision for you.
AV Trinity are fully independent advisers and members of the Equity Release Council. They have a wealth of experience helping clients make the right decision. They are able to discuss every option with you and your family with clarity, sensitivity and discretion.