Equity ReleaseEquity Release
How does it work? Do I qualify?
An equity release plan works by converting part or all of the value (the “equity”) of your property into a tax-free cash lump sum. Releasing equity can allow you to enjoy a comfortable retirement, without having to move home. But equity release can also make buying a new property much more affordable as you effectively share the purchase cost with the equity release company.
To qualify, generally, you and your partner must both be over 55 with a property worth over £60,000 and little or no outstanding mortgage.
The main features of SHIP approved equity release plans are:
- Typically no monthly repayments
- Stay in your home for as long as you choose
- No negative equity guarantee
- Move home if you wish (Subject to criteria)
Please be aware that equity release may reduce the value of your home and your entitlement to benefits.
There are two main types of equity release plans available; lifetime mortgages and home reversion plans.
Click here for your FREE Guide to Equity Release.