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How Equity Release Works...
Equity release mortgages can provide you with a regular income, or a cash lump sum.
In return, you take out an interest-free loan which is paid off when the property is sold on your death. Or you can choose to sell a proportion of your home in return for the money. The first type of equity release mortgage is known as a lifetime mortgage, while the second is called a reversion scheme.
Pros and Cons of Equity Release Mortgages
- Allows you to free up cash.
- Increased competition means interest rates are falling.
- Enables you to stay in your own home.
- Can cut the inheritance tax bill faced by your estate.
- A big commitment.
- Will reduce the inheritance you leave your family.
- Can impact on State benefits.
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Authorised and regulated by the Financial Services Authority. The Financial Services Authority does not regulate will writing and not all forms of long term care plans. IFM Utility Service is not authorised and regulated by the Financial Services Authority. Your home is at risk if you do not keep up repayments on a mortgage or any other loan secured on it. Think carefully before securing other debts on your home. A fee of up to £670.00 inc VAT may be charged on completion of your mortgage. A fee of 1% of advance or £930 inc VAT whichever is the greater may be charged on completion of your lifetime mortgage or home Reversion Plan. The Financial Services Authority does not regulate Buy to Let Mortgages.Terms and conditions apply. Written details on request. Tax relief's and allowances referred to are those currently applying and are liable to change. There value depends upon the individual circumstances of the investor.