Equity Release
Equity release refers to a range of products letting you access the equity or cash tied up in your home without you having to sell. You can take the money you release as a lump sum or in instalments, so it is like using your property as a pension. The schemes are aimed at mature people, over the age of at least 55 years old.
In the past there were schemes where people ended up owing more than the value of the house but this is no longer the case and the schemes are more regulated than ever. Ray Williamson has been qualified in equity release since 2022.
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Am I eligible for equity release?
To be eligible for equity release:
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All applicants must be aged 55 years or older
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You must own a home worth more than £70,000
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You do not need to be mortgage free, but you must pay off your remaining mortgage with the funds released.
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However, equity release is not suitable for everyone. Talk to us today to see if it is the best option for you and your family.
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THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.
Will I still own my home?
Yes, your home is still yours.
A lifetime mortgage is a loan which is secured against your home. You can choose between taking your tax-free cash in one lump sum or have it available to drawdown as and when you need it following an initial, smaller, lump sum release. With a drawdown plan, you only pay interest on the money released.
The loan (and any interest) is repaid when the plan ends. That’s usually when the last remaining applicant either passes away or enters long term residential care.
Does it mean my family does not get any inheritance?
Not necessarily. Depending on the plan you choose, some allow for a certain percentage to be left to family members. When you speak to us, we can advise which plans best suit your goals.
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In the past people were sold products that meant they ended up owing more money than the property was worth, however this is no longer the case. All of the Equity Release products we have access to have a ‘No Negative Equity Guarantee’ which means your family can now be assured that they will get some inheritance and not a debt.
What happens if I want to move home or have to go into care?
All plans that meet the Equity Release Council’s standards allow you to transfer your plan to a new home, as long as it provides enough security. A provider may rule out age-restricted or leasehold retirement housing.​
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If you need to go into permanent residential care, you will usually repay the loan by selling the property.