Is Equity release right for you? To qualify you need to be a homeowner with a property worth at least £40,000, as well as being around 55 years of age or older. Different lenders and reversion companies will have individual policies, so look carefully before finding the most suitable company to fit your needs. For example, some companies will not take onboard homeowners with property made from non-traditional building materials, while others will have capped minimum loan rates.

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Equity Release DO’S and DON’TS!

DO discuss the prospect of equity release with your family before signing up. By taking out a lifetime mortgage or reversion scheme you will affect your family’s inheritance, so find a solicitor to update your will with any new amendments.

DO take time to carefully choose the right scheme for you. Ask questions, shop around and compare rules before deciding on a lender.

DO speak to an expert financial advisor before making a final decision. Try to find someone who is not connected to a particular scheme in order to get impartial advice on the whole market. Your adviser should be able to give you property advice and general information on the effect of the money on your benefits now and in the future.

DON’T agree to an equity release arrangement if your not happy about how the deal will affect you over the long term. Your circumstances could change, so make sure your chosen scheme is suitable.

DON’T take out an equity release plan too early. If you live longer than expected then you may not have enough property value to take you through old age.

DON’T borrow more money than you need, or borrow only to invest it. You’ll probably have to pay tax on your investment, meaning you could lose money in the long run.

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