Equity Release

Equity release is a popular method of accessing some of the value that has accumulated in your property over time. It provides a welcome boost to your income, while allowing you to continue living in your home. Equity release is available to homeowners over the age of 55 across the United Kingdom, that meet the required criteria. In most cases, it can be a viable option to increase your finances in retirement.

There are several schemes out there, so it is recommended to seek professional advice before making a decision. Essentially, the process works like an exchange; you will receive either an upfront payment or regular income from a specialist provider, in return for some of the value of your property. There are two ways of doing this:

  • Lifetime mortgage: This comes in the form of a mortgage that is eventually repaid when the property is sold due to the owner’s death or move into a long-term care facility. 
  • Home reversion scheme: This is where part of or all the property is sold, but the owner retains the ability to live in their home until their death or move into long-term care.

It is important to remember that equity release is a lifelong commitment which can be costly when the time comes to sell the property. Equity release will not pay the full market value for your home. It will also reduce the amount of inheritance that you can leave for your beneficiaries.

Through our online conveyancing platform, Move Home Hub can facilitate your equity release transaction to the highest standard. We offer full support to our customers, to give them peace of mind that they are taking the right steps for them.

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