Equity release empowers individuals over the age of 55 to draw money from the property they live in. And, for this purpose, they won’t have to make any monthly payments. Hence, you can enjoy the benefits of a lifetime mortgage. Are you looking for equity release advice in the Isle of Wight? Here, you will learn all the nitty-gritty of equity releases and how to make the most out of them.
What is equity release?
There are usually two types of equity release: lifetime mortgages and home reversion plans. In essence, an equity release plan allows a homeowner to draw a lump sum or regular smaller sums of money from the value of their home while remaining in the same property.
Equity release can play an extremely crucial role in retirement funding. Equity release enables thousands of homeowners to depend safely on their housing wealth throughout their lifetime.
What should you do if you think of using equity release?
If you want to take out an equity release plan, then you can proceed in the following manners:
You need to learn as much as possible about your options and weigh up all the advantages and disadvantages fully before you can decide if the equity release is the right option for you.
A qualified financial adviser can help you understand the pros and cons of equity release. They can also uncover what effects it might have on your state benefits, taxes, and obligations.
Generally speaking, equity release should not impact your tax position or state benefits. In the modern equity release market, there is a wide range of products and plans to choose from. This means that for all your equity release needs, an equity plan will be available and tailored specifically for you.
However, home reversion plans and lifetime mortgages involve a lot of complexities. So, to fully understand all the details, you need professional equity release advice in the Isle of Wight. Ingard Independent Financial Management LLP can help you with quality equity release advice. Contact us today.