Why Release Equity?

Many retired people who manage on a small pension and limited savings are also living in properties which have soared in value in recent years, especially here in Norfolk and Suffolk. An Equity Release or Home Reversion plan could enable you to release some of the value locked up in your home. However, many are irrevocable arrangements, so careful planning is perhaps more important here than anywhere else.

Whilst there are a range of Equity Release and Home Reversion plans offering lump sums and/or regular income, they all work on the same principle: they lend you a part of your home’s value in return for a share of the proceeds when you die.

In most cases you will need to be at least 60 years old, have no outstanding mortgage (or you will need to use the equity release money to pay down the existing loan), and own a property in reasonable condition. Certain exclusions apply, such as mobile homes, properties above commercial premises, smallholdings and properties with a relatively short lease left to run.

Equity Release and Home Reversion plans can be complicated products and are a major step for many people. Your house is almost certainly the most expensive asset you own; it is also your home, so think and consider carefully  

Good advice is therefore key to success. Be very careful about taking "advice" from someone who only sells these types of plan. They may have a vested interest! Better to use an Independent Financial Adviser (IFA) such as ourselves, as we can offer so much more than just Equity Release plans and treat your finances holistically.