RELEASING equity from your home can be an exciting opportunity, whether you want to achieve goals such as travelling more or simply supplementing your finances to enhance your lifestyle. With many different plans available from leading lenders, you may be wondering how to find the best equity release plan for your individual circumstances.
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There are lots of plans available, so it’s important to do your research first and get advice. Calculate how much you could unlock. What makes a plan the ‘best’ will differ for everyone depending on your needs and objectives. For some, this may be the lowest interest rate available, while for others, it could be more important to find a plan that has certain features and flexibilities.
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It can be good to research the types of plans available before contacting an equity release advisor, however your advisor will take you through these in detail. There are two main types of equity release plans: a lifetime mortgage and a home reversion plan.
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A lifetime mortgage is secured against your property and any money released, plus accrued interest, is repaid upon death or moving into long-term care. A home reversion plan involves selling all or part of your home, which you can continue living in until you die or move into long-term care.
It’s worth noting that both types of plans will reduce the value of your estate and impact funding long-term care. Calculate how much you may be able to unlock. Some aspects of equity release plans can be tailored to your specific individual circumstances, so it’s good to think about what you want your plan to look like.
