The issues surrounding pensions in the UK affects us all, but it is already a very real and daily challenge for millions of retired Britons.
However, many retired people who manage on a small pension and limited savings are also living in properties which, even with the recent house prices falls are still worth a great deal of money. Read more...
While there are a range of different schemes offering lump sums and/or regular income, they all work on the same principle: they lend you a part of your home's value in return for a share of the proceeds when you die.
In most cases you will need to be at least 55 years old, own a property in reasonable condition and preferably have no or only a small mortgage. It is however possible to repay an existing mortgage by using equity release. Read more...
You don't have to move house or sell your home to unlock equity. With reputable equity release schemes there is a rock-solid guarantee that you will be able to continue to live in and enjoy your home until the day you die – and in many cases still be able to leave something of the property's value to your family. Read more...
Regardless of the type of mortgage you have, equity release schemes are an increasingly viable option for home owners to raise funds during their retirement. The types of schemes available include home reversion schemes, interest only mortgages, home income plans and lifetime mortgages. Read more...
While equity release plans can be a good way of cutting inheritance tax bills, they will also reduce what your family will inherit. While it should ultimately be your choice whether to sign up to a scheme, it is probably a good idea to discuss it with close family members and/or anyone who might have expected to inherit your home. This may help avoid any unpleasantness or misunderstandings. Read more...
Before you think seriously about equity release, consider your alternatives. Have you claimed all state benefits for which you are eligible, considered using other savings or assets or thought about renting out a room in your home? If you need money to make alterations to your property because you are less mobile, you may be able to get financial assistance. Read more...