Equity Release in Thanet, Kent
What is Equity Release?
Equity release allows you to convert some of the equity in your home into cash without moving. This could be needed for a number of reasons, such as:
- Home improvements
- Clearing an outstanding mortgage
- To pay off unsecured debts
- To supplement your retirement income
- Gift to family
There are a number of ways this could be achieved, without any interest or capital having to be paid. For example, it can be achieved via a Lifetime Mortgage, which is secured against your property, or a Home Reversion Plan where part, or the whole house, is sold to a lender but you still live in it. The Home Reversion Plan requires the sale of your property for a discounted price. To understand the features and risks, ask for a personalised illustration. You only continue to fully own your own home with a Lifetime Mortgage.
The loan is repaid should you move, go into long term care or once you have passed away.
There are a number of variations on each of the above which can be considered in getting the right deal for you. Equity release is only normally suitable for those at least 55 years old or, in some cases depending on the product, 60/65 years old. The funds released are tax-free.
Thanet Associates can guide you through the options to decide which product is best for you from an extensive range of available options.
Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.