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Most of us spend a large proportion of our working life paying off a mortgage with the aim of owning our home outright. In many cases, our home can be the main asset as we head into retirement.
Equity release* allows homeowners to use some of the money tied up in the property to provide either a tax free lump sum or income. This can be used for any reason; examples being to pay for long term care costs, holidays, home renovations or to provide a gift to children and grandchildren. After you die, the loan and any interest on the loan will be repaid from the remaining value in the property. This means that the deceased’s estate has been reduced by the loan, providing that the proceeds have been spent, resulting in a reduced Inheritance tax liability.
If you are a homeowner and aged 55 and over, you can release equity from either your main residence or any Buy to Let properties that you own, whilst still receiving rental income.
The cost of long term care is increasing every year. We work with our clients to help manage their cash flow requirements and ensure their pensions and properties provide them with a stable and secure income in retirement.
Contact us for more advice on email@example.com or call 020-8371-3143
Posted on 21st Oct 2021
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