What is Equity Release? The value of your home, less any mortgage is known as ‘equity’. Equity Release is the name given to a range of financial products that convert a proportion of that equity into cash for your own use.
Equity Release Plans usually have the following common factors:
- Equity Release has a minimum age of 55.
- You receive a guaranteed tax-free cash sum or income for life.
- You continue to live in your home for as long as you wish.
- There are no repayments required until your home is sold. This is normally after your death or entering long term care.
- You have the freedom to move to a suitable property should you wish to do so in the future and transfer your equity release plan to your new home.
- Your estate will not be liable for any debt beyond the property value regardless of future house prices.
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