Equity Release

Equity release plans or lifetime mortgages as they are also known as are an alternative way to access the “equity” or “collateral” you have built up over the years, which can often only be a value on paper as it`s locked up in your property. Even though it is yours you can`t invest it for income or inheritance tax, use it for long term care planning, or even to simply make your retirement dreams come true.

Some people consider moving to a smaller property or a less expensive area, but many have no desire to move in their later years of life. Your house holds a lifetime of treasured memories and there is also the hassle and expense involved in moving house.

IMPORTANT:Caboodle DO NOT offer advice for Equity Release or Lifetime Mortgage products but are able to introduce you to fully qualified advisers who have extensive experience in this area and offer a personal and impartial service from the beginning of the process to the end, answering your queries and helping to sort out any issues arising along the way. Their sole objective is to provide you with the best solution that meets your needs and aspirations.

There is an alternative – an equity release plan, available to those aged over 55

Aside from generating a regular income, the range of equity release plans available on the market today allow you to release a cash lump sum, which is then secured against your property.

On a number of plans there are no monthly repayments and you can spend the money however you wish. Take the holiday of a lifetime, buy that classic car or mobile home that you have always wanted, perhaps add a conservatory to your home or create your dream garden. Alternatively you may want to provide your family with extra financial support such as paying for university fees or helping your children or grandchildren make that first step onto the property ladder. You could also simply provide an early inheritance, with the added benefit of being able to share in their enjoyment.

Equity release covers a wide range of financial planning scenarios, and touches upon many areas of your life; some financial and factual, some emotional and aspirational. Sensitive yet professional guidance is vital to ensure you enter into this type of arrangement fully understanding the impact on you and your beneficiaries now and in the future.

Without expert independent advice, how do you know and decide:

• Whether to go for a home reversion plan or a lifetime mortgage?
• Who has the most suitable scheme for your needs?
• What will it cost upfront and on-going?
• What if your needs change in the future – how flexible is your plan?
• Who will explain to your beneficiaries what it means to them?

This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.