Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments, and is a way of releasing the wealth tied up in your property without having to sell it and move to another home.
There are two types of equity release – Lifetime Mortgages and Home Reversion plans – both of which are regulated by the Financial Conduct Authority. As members of the Equity Release Council, McDougall McQueen can advise home owners on using an equity release product, drawing a lump sum from the value of their home, and planning for retirement funding.
By using an equity release product, a home owner can draw a lump sum or regular smaller sums from the value of their home, while remaining in their home, often playing a crucial role in retirement funding.
Done correctly, equity release should have no impact on an individual’s tax position or their state benefits, however each individual’s circumstances need to be assessed. If you are a homeowner and want to tap safely into your housing wealth without having to worry about making monthly repayments, then speak to the team at McDougall McQueen to find out more about your options.