What is Equity Release?
Put simply, an equity release scheme allows you to release some of the cash stored up in your home, without the need to move. How much equity you release depends on how old you are, how much your home is worth and how much you choose to borrow. The money you release is designed to be paid back only when you die or if you move permanently into long-term care.
The money you release from your home is tax-free, and you can spend it on whatever you choose: for example, gifting to your family, making home improvements, or clearing your existing mortgage.
You may have heard some equity release schemes described as ‘Home Reversions’ or ‘Lifetime Mortgages’. These are two different types of regulated equity release schemes.
Why do I need to seek Financial Advice?
An equity release scheme is a long-term commitment so you will need to seek financial advice before you decide to go ahead.
Why choose us?
Did you know that 66% of UK mortgage brokers are not qualified to advise on Equity Release products. At Allan Reece Associates our advisers are fully qualified to advise on Equity Release so you can be certain that the advice you are getting is accurate and with your interests at it's heart.