Equity release is typically available to people who are over the age of 55 and have their own home with a significant amount of equity, but don't have enough money or income for their needs. By releasing equity in the form of a lifetime mortgage or home reversion plan, it enables the individual(s) to remain in their home and raise money for things such as:
Where equity release is a suitable solution and you take out a lifetime mortgage or home reversion plan, the money does not usually need to be paid back or the home sold until the last remaining borrower dies or moves into care, although this may not be the case, for example, if you make repayments to preserve as much of the inheritable estate as possible.
Is equity release right for me?
Whilst there are benefits for people in this situation, equity release isn't for everyone and the benefits need to be weighed up alongside drawbacks, such as equity release can:
Also, there may be alternative options available to you that need to be explored before taking the equity release route, such as consideration of a conventional mortgage as an alternative, moving to a smaller home, using any savings or investments and potentially selling the home and moving into rented accommodation or living with children or other relatives.
Don't worry as we can help you understand all the features and drawbacks so you can make a fully informed decision.
Expert advice on what is right for you
As mortgage advisers with the required equity release qualification and training, we can assess your individual circumstances and needs, and then give you expert advice on the right course of action for you. The benefits need to outweigh the drawbacks to ensure equity release is more suitable than alternative methods of raising funds.
It’s often said that you can’t buy peace of mind; however that’s exactly what our mortgage advice does, as you can rest assured knowing you have the right solution for you.
It is advised that customers seek independent legal advice before entering into a legally binding equity release contract.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.