Equity Release Help

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Equity Release risks and considerations

 

Risks and Considerations 

Your family 

Whilst releasing equity can be a good way to  improve your quality of life it may also reduce what your family will inherit. It is probably a good idea to discuss it with close family members and/or anyone who might have expected to inherit your home.  If the property has been a family home for a long time, bear in mind that your children or other relatives may also have an emotional attachment to it. They may even have been thinking of living in the property after you die.

 

Children or other relatives may be prepared to help you out financially instead of you taking out an equity release plan. They could then inherit the whole property.

 

We suggest you read the document from the Financial Services Authority, which can be downloaded here

 

Alternatives

 

You may have other assets or investments which could boost your income or give you the lump sum you need. We are able to take a holistic view of your finances. Consider, too, whether moving to a less expensive property might be a better way of releasing money tied up in your home – you can then leave money to the family rather than the equity release provider!

 

Benefits

If you receive means-tested state benefits, these could be reduced or lost altogether – which in turn could mean having to pay more for things like dental treatment and glasses.

Tax

If you have a higher income, you may have to pay extra tax. Whilst this sounds obvious, income over a certain level will reduce any age related allowance.

How to avoid any undue risk

Look for plans carrying the SHIP logo (for Safe Home Income Plans). SHIP (0870 241 6060) is an industry body set up to promote safe equity release schemes. Companies who are members provide a number of guarantees, including:

  • you will have the right to live in your property for life

  • the freedom to move to an alternative property without penalties

  • that you will never owe more than the value of your home.

Just complete the form and we'll ring you to discuss your options, or call free of charge 0800 0025 161

 

Title

First name

Surname

Telephone number

Best time to call

Your e-mail address

Value of Property (£)

Any outstanding mortgage

Age of Youngest Applicant
 

 

 

 

 

 

 

 

 

 
 

 

Our standard fee for researching and implementing a scheme is £500. This is payable half at application and half on completion.

We will receive and retain a procuration fee from the product provider as well.
 

Equity Release Help is a trading style of Asset Investment Management Ltd, Drayton Old Lodge, Drayton, Norwich, Norfolk, NR8 6AN
Independent Financial Advisers

Tel 01603 869988

           

Authorised and Regulated by the Financial Services Authority No 462797. Registered in England and Wales
company registration number 5880144.

 

Tax advice is not regulated by the Financial Services Authority

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