Equity Release allows you to release equity (Cash) tied up in your home without moving. The schemes have no fixed term allowing you to stay in your home without interruption unless you have to move to long-term care or do not meet the terms of the contract, such as you letting your home fall into disrepair. Equity release schemes can be helpful in certain circumstances, but are not suitable for everyone.
You should consider:
In which the mortgage does not have to be paid until your death or move out. So at that time your home is sold to repay the mortgage. If there are insufficient funds, then your nominated beneficiaries will be liable so most Home Reversion Scheme do have a no-negative-equity guarantee. But it means you should also seek legal advice at the same time.
There are several types of Lifetime Mortgage to consider.
Home Reversion Plans
There are currently three different providers all of which mean in effect selling part of the value of your house. Costs can be more than lifetime mortgages.
Informed IFA can guide you through the options and costs with the aim to achieve the right outcome of cash available with the optimum outcome and most suitable conditions. We can also help turn the lump sum into a regular income.