If You’re A Homeowner Over 60, You Could Get A Tax-Free Sum To Fund Your Retirement Dreams
Equity Release is one of the fastest growing financial products on the market, having trebled in size in the last 3 years. Read on to find out more…
What Is Equity Release?
Equity Release allows you to release tax-free cash based on the value of your property, freeing up funds for you to use as you wish. Many will use this to supplement their pension once they retire and live a better quality of life, without having to leave their homes or pass on any debt to their family.
How Does It Work?
Equity Release allows you to access the wealth you have built up in your property, giving you the option to take out a percentage as a lump sum or in smaller payments. Customers are more likely to be accepted if they are 60+ years old and must have a property worth at least £70k.
Benefits of Equity Release
✓ Tax-Free Lump Sum – You can claim a tax-free lump sum to do with it as you wish. Most will use this to supplement their pensions and help improve their quality of life in retirement.
✓ Stay In Your Home – Rent-free for the rest of your life should you wish to
✓ No Negative Equity Guarantee – This ensures that if the amount you owe exceeds the value of your property, you and your family will not be liable for the shortfall. This provides peace of mind knowing that your family will not incur any debts as a result of your policy
✓ Fully Regulated – The Equity Release market is fully regulated by the Financial Conduct Authority (FCA)
✓ Flexible – New product innovations have created many flexible plans and payment options, as well as a reduction in interest rates, ring-fencing a value to either keep for yourself or to leave as an inheritance
The loan is recovered only when the property is sold in the event of death or you have moved into long-term care.
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