Autumn FP

Equity Release

Equity Release council

Whilst the good news is that we are living longer and enjoying greater health, so can generally expect to spend a reasonable time in retirement, the bad news is that however much you've worked, saved and prepared for your retirement, you might not have quite enough for all the things you planned to do, especially with increased longevity having an (unforeseen perhaps) impact on your financial planning.

As a result, we need to ensure savings, pensions and other investments can provide us with a comfortable retirement but, if not, Equity Release can be a great way to release money from your property and provide financial support to your retirement plans or needs, without the need to sell your property or downsize.

Essentially, there are 2 main options, Lifetime Mortgage and Home Reversion Schemes.

One enables you to retain ownership of, and a right to reside in, the property, the other, to retain a right to reside for the rest of your life. It is important you understand the difference as well as the advantages and disadvantages, of both types of plans, before you commit to either option and that you have discussed it with those closest to you.

Equity Release can be used to finance the lifestyle you want by freeing up wealth from your home to supplement your income, fund holidays or other large expenses. It can also be used to gift monies to your nearest and dearest, as well as to assist in the provision of Long Term Care (for you or a loved one).

Alternatively, you may be looking to reduce your liability to Inheritance Tax (IHT) and want to pass on your wealth to beneficiaries before your death or have concerns about the cost of Long Term Care funding?

Either way, Equity release can present valuable funding and tax-planning opportunities to enable those without other means, to address these issues and more.

Although it may not be the most suitable solution for some, it can be a great option for others whose circumstances mean they do not have access to other funds or who do not wish to move home.

So, if it is something you may be considering, and you would like an initial, no obligation conversation, whether it is enhancing your income or accessing a lump sum you require, please do get in touch for tailored advice.

Equity release will reduce the value of your estate and could affect your eligibility for means tested benefits.

The Financial Conduct Authority does not regulate on Inheritance Tax.




Claim your Complimentary Initial Consultation Here (or call on 01892 506 928) and let a Retirement & Later Life Advice Specialist help with your financial journey