pros and cons of equity release

 

Pros and Cons of Equity Release Schemes And The Pitfalls | March 2024

Equity release schemes offer homeowners a way to unlock the value tied up in their property, providing financial flexibility without the need to sell their home.

This article looks at the advantages and disadvantages of equity release, aiming to help equip you with the knowledge to make an informed decision.

The article will help you do the following:

  1. Understand the importance of considering equity release as a financial option.
  2. Learn about the key benefits and drawbacks associated with equity release.
  3. Discover the main topics covered, including the types of equity release schemes and their implications.
  4. Recognise the benefits of understanding these topics for better financial planning.
  5. Consider actions to take post-reading, such as consulting with a financial adviser or using an equity release calculator.

Key Takeaways & Learnings From This Page On The Advantages and Disadvatages of Equity Release

Here are 7 key takeaways from this article:

  1. Equity release can provide tax-free cash, offering financial relief and enhancing quality of life in retirement.
  2. It allows homeowners to remain in their homes while accessing the equity, ensuring comfort and stability.
  3. The decision to opt for equity release should be made after considering its impact on inheritance and eligibility for means-tested benefits.
  4. Various equity release schemes, including lifetime mortgages and home reversion plans, cater to different needs and preferences.
  5. Professional advice is crucial to navigate the complexities of equity release and choose the most suitable option.
  6. Equity release schemes come with a no negative equity guarantee, protecting homeowners from owing more than their home’s value.
  7. Alternatives to equity release, such as downsizing or using other assets, should be explored to ensure the best financial decision.

Topics that you will find covered on this page

Equity Release Pros and Cons

Below, we have identified 15 pros and 15 cons related to equity release. This should help you get a better understanding of what is involved if you take out the product.

But first, here is a useful video which also sets them out.

15 Pros of Equity Release

Below, we have set out 15 advantages of equity release. 1. Access to Tax-Free Cash

Equity release schemes allow homeowners to access the equity tied up in their property as tax free cash. 

This financial flexibility can be particularly beneficial for retirees looking to add to their pension income, fund home improvements or adaptations, or cover unexpected expenses without having to sell their home.

2. No Need to Move Out

One of the most significant advantages of equity release is the ability to remain in your home while accessing its equity. 

This means you can continue living in the familiar surroundings of your own home, maintaining your lifestyle and friends, and independence without the stress and cost of moving to a new property.

3. Flexible Spending

The cash you release through an equity release scheme can be spent in any way you choose. 

Whether you want to travel, buy a new car, help family members, or simply enjoy a more comfortable lifestyle, the decision is up to you. This flexibility is a crucial benefit for many homeowners.

4. No Negative Equity Guarantee

Many equity release plans come with a “no negative equity guarantee,” which ensures that you or your estate will never owe more than the value of your home when it is sold. See below for more information on this.  

This guarantee provides peace of mind, knowing that your debt will not exceed your home’s value.

5. Various Plan Options

Equity release offers a range of plan options to suit different needs and circumstances, including lifetime mortgages and home reversion plans. This variety means you can choose a plan that best fits your financial situation and goals.

6. Potential to Reduce Inheritance Tax Liability

By reducing the value of your estate, equity release can potentially lower the inheritance tax that may be due on your passing. This can be a strategic way to pass on more of your wealth to your heirs.

7. Repayment Flexibility

Some equity release plans offer the option to make voluntary repayments, either interest-only or partial capital repayments, which can help manage the overall cost of the loan. 

This flexibility allows you to control the growth of the debt to some extent.

8. Improve Quality of Life

Accessing the equity in your home can significantly improve your quality of life in retirement. 

It can provide the money to enjoy your retirement years, whether that’s through travel, hobbies, living more comfortably or helping out family financially.

9. Consolidate Debts

Equity release can be used to consolidate debts, potentially reducing your monthly outgoings. 

By paying off higher-interest debts, you can simplify your finances and reduce the stress associated with managing multiple debts.

10. No Monthly Repayments Required

Most equity release plans do not require monthly repayments, which can ease your financial burden, especially if you are on a fixed income in retirement. 

The loan and any accrued interest are typically repaid from the sale of your home when you pass away or move into long-term care.

11. Support Family Members

Equity release can provide a way to financially support family members, such as helping grandchildren with university fees or contributing to the deposit on their first home. 

This can be a rewarding way to see the benefits of your financial help during your lifetime.

12. Adapt Your Home

The funds from equity release can be used to make adaptations to your home, such as installing a stairlift, renovating the bathroom to make it more accessible, or other modifications that can make living in your home more comfortable as you age.

13. Interest Rates Are Generally Fixed

Many equity release plans offer fixed interest rates, which means the rate at which interest accrues on your loan will not increase over time. This can provide certainty and peace of mind for your financial planning.

14. Immediate Access to Funds

Equity release provides immediate access to funds, which can be particularly useful in an emergency or when unexpected expenses arise. 

This immediate liquidity can be a significant advantage over other forms of borrowing or selling assets.

15. Tailored Advice and Regulation

The equity release market is regulated, and advice must be taken from a qualified adviser before proceeding. 

This ensures that you are well-informed about the risks and benefits and that the plan you choose is tailored to your specific needs and circumstances.

Equity Release Calculator

An equity release calculator is a valuable online tool designed to provide homeowners with an estimate of how much equity they could potentially release from their property. 

By inputting basic information such as the age of the youngest homeowner, the property value, and any outstanding mortgage or loan amounts, you can quickly receive an estimate of the maximum amount they might be eligible to borrow. 

Use the calculator below to estimate what you can receive. 

Try Age Partnership’s equity release calculator and estimate how much money you could release from your property.

If you take out a product from Age Partnership, we will receive a fee for introducing you to them. This helps support the site and for us to produce more content.

15 Disadvantages of Equity Release

We have set out 15 disadvantages of equity release below.

1. Reduced Inheritance

Equity release reduces the value of your estate, meaning there will be less for your heirs and family to inherit. This can impact any plans for leaving a significant inheritance to your family or loved ones.

2. Accumulation of Interest

The interest on an equity release loan typically rolls up, meaning it compounds over time, which means it can get very expensive. 

This can lead to the debt growing quickly, significantly increasing the amount that must be repaid from your estate or the sale of your home.

3. Impact on Means-Tested Benefits

Accessing cash through equity release can affect your eligibility for means-tested benefits in the UK. 

If the released equity increases your savings above certain thresholds, you may lose entitlements to some government benefits, which could negatively impact your overall financial situation.

4. Early Repayment Charges

If you decide to repay your equity release plan early, you may face substantial early repayment charges.

 These fees can make it expensive to adjust your financial plans or repay the loan if your circumstances change. This is why it’s important to speak to an adviser.

5. Limited Options to Move

Equity release may limit your ability to move house in the future. 

While some plans offer the possibility to transfer the loan to a new property, there are often restrictions on the type of property you can move to, which could limit your choices in the future.

6. Interest Rates May Be Higher

Interest rates for equity release plans are often higher than those for residential mortgages. This means the amount you owe can grow quickly, leaving less equity in your home over time.

7. Complexity and Costs

Equity release schemes can be complex and come with various costs, including arrangement, legal, and advice fees. These costs can add up, making it an expensive way to access cash.

8. Risk of Negative Equity

Despite no negative equity guarantees offered by reputable providers, there’s always a risk, especially if the housing market experiences a significant downturn. 

This could potentially affect the amount of money left over after the loan is repaid.

9. Loss of Control Over Your Property

With some equity release plans, particularly home reversion plans, you may have to sell a part or all of your home to the nominated provider. This can mean losing full ownership and control over your property.

10. Impact on Future Borrowing

Taking out an equity release plan can impact your ability to secure further borrowing against your home. 

Since a portion of your home’s equity is tied up, it may limit your options for additional loans or lines of credit.

11. Long-term Commitment

Equity release is a long-term financial commitment that can be difficult to reverse, which is why it should be taken with care. 

It’s important to consider your future needs and circumstances, as exiting the plan can be costly and complicated.

12. Dependent on Property Value

The amount you can release through equity release is dependent on the value of your property. 

If property values fall, you may find that you have less equity available than anticipated, affecting your financial plans.

13. May Not Be the Most Cost-Effective Option

For some, there may be more cost-effective ways to access cash, such as downsizing to a smaller property, taking out a traditional loan, or utilising other savings and investments.

14. Potential for Scams and Mis-selling

While the equity release market is regulated, there’s still a risk of scams and mis-selling. 

It’s crucial to seek advice from a reputable and qualified adviser to ensure the product suits your needs.

15. Emotional Impact

The decision to release equity from your home can have an emotional impact, particularly if your home has sentimental value or you’re concerned about leaving an inheritance. See below for more information on this. 

It’s important to consider not just the financial implications but also how the decision might affect you and your family emotionally.

Some of the Best Equity Release Interest Rates as of 11 March 2024

The table below shows you some of the best equity release rates, as of 24 February 2024, for lifetime mortgages from some of the leading equity release providers in the UK. 

Provider NameProduct NameInterest RateType of productOffers
Standard LifeHorizon 200 Drawdown5.37%FixedFree Valuation
Standard LifeHorizon 220 Drawdown5.38%FixedFree Valuation
More2LifeCapital Choice Ultra Lite Drawdown 15.51%FixedFree Valuation
No application fee
Scottish WidowsFR15.60%FixedCashback
Free Valuation
No application fee
Standard LifeHorizon 280 Drawdown5.65%FixedFree Valuation
Scottish WidowsFR25.67%FixedCashback
Free Valuation
No application fee
Legal & GeneralInterest Roll-Up 45.69%FixedFree Valuation
Legal & GeneralOptional Payment 45.69%FixedFree Valuation
Standard LifeHorizon 280 Drawdown Fee Free5.70%FixedFree Valuation
No application fee
Standard LifeHorizon 280 Lump Sum Fee Free5.70%FixedFree Valuation
No application fee

The equity release rates have been sourced by UK Care Guide from the Equity Release Supermarket website. These rates may have changed since this table was created and should be taken as indicative only. There may be other providers not listed on this table that could offer better deals.  In addition, the providers and products noted may not be right for your particular circumstances.  Therefore, they should only be taken as a guide, and we cannot guarantee their current accuracy. Please also note that we do not provide advice on or endorse any particular product listed here. The rate you are offered will depend on your individual circumstances and subject to lender approval. Therefore, we strongly recommend that you speak to an equity release adviser, who will be able to provide you with information on the latest rates that apply to you.

Speak To An Equity Release Specialist Today

Call Boon Brokers on 0333 567 1607 to discuss your equity release requirements and see what deals are available to you.

pitfalls of equity release

Alternatives to Equity Release

Exploring alternatives to equity release is essential before you commit to going ahead with it. 

Depending on your individual circumstances and financial goals, the alternative options might be better for you. We have set out three of the main options below.

1 – Downsizing as an Alternative

Downsizing involves selling your current home and moving to a smaller, less expensive property. 

This option can free up significant capital, potentially without needing a loan or negatively affecting your estate’s value. 

Downsizing can also reduce living costs, such as your utility bills and regular maintenance expenses. However, you should consider the emotional and practical aspects of moving to a smaller home, including leaving a family home full of memories and the stress of relocating.

2 – Using Savings or Investments

Before considering equity release, you should look at your savings and investment portfolios. 

Accessing these funds might provide the financial support needed without you having to incur any debt. This approach preserves the value of your estate for inheritance purposes.  However, it requires careful financial planning to ensure long-term security and the ability to meet future needs.

3 – Renting Out Part of Your Property

For homeowners with spare rooms or a separate annexe, renting out part of the property can generate regular income. 

This option can be appealing as it lets you remain in your home, while benefiting from additional income. Legal and tax implications need to be considered, and being a landlord comes with responsibilities and potential challenges, including managing tenant relationships and maintaining the rented space.

Each of these alternatives to equity release has its advantages and considerations. 

Homeowners should carefully assess their personal and financial circumstances. We recommend that you do this with the guidance of a financial adviser, to determine the best course of action. Exploring all options ensures that decisions are well informed and aligned with your long-term financial and personal goals.

Types of Equity Release Schemes

Equity release offers homeowners two primary ways to access the equity in their homes: lifetime mortgages and home reversion plans. 

Each has unique features and benefits suited to different financial situations and goals. We have noted some of these below.

1 – Lifetime Mortgages

A lifetime mortgage is the most popular form of equity release, allowing you to borrow money against the value of your home while retaining ownership. 

Interest is added to the loan amount over time, which is repaid from the sale of your property when you pass away or move into long-term care. There are several types of lifetime mortgages available:

a) Fixed Lifetime Mortgages

Offers a single lump sum with a fixed interest rate.

b) Drawdown Lifetime Mortgages

A drawdown lifetime mortgage provides a facility from which you can draw funds as needed, with interest accruing only on the amount drawn.

c) Interest-Only Lifetime Mortgages

An interest only lifetime mortgage allows you to pay off the interest monthly, preventing it from compounding.

d) Enhanced Lifetime Mortgages

An enhanced lifetime mortgage is available to those with certain health conditions, offering more favourable terms based on reduced life expectancy.

2 – Home Reversion Plans

Home reversion involves selling a portion or all of your home to a specialist ER provider in exchange for a lump sum or regular payments, while retaining the right to live in your home, rent-free, for the rest of your life.

 Unlike lifetime mortgages, home reversion plans do not involve borrowing any money, so there is no interest to pay. However, you will typically receive less than the market value for the portion of your home sold under a home reversion plan.

3 – Choosing Between Lifetime Mortgages and a Home Reversion Scheme

Deciding between a lifetime mortgage and a home reversion plan depends on several factors, including your age, health, and financial goals. Lifetime mortgages offer more flexibility and allow you to retain full ownership of your home, which might be preferable for those looking to safeguard an inheritance. 

Home reversion plans might be suitable for those looking for a guaranteed sum or income without the worry of accruing interest, albeit at the cost of selling a portion of their home below market value.

Understanding the pros and cons of each equity release product is crucial for making an informed decision that aligns with your long-term financial planning. 

This is why we always recommend consulting with a financial adviser who specialises in equity release.

How Equity Release is Supporting Retirees

A March 2024 study by the UK Care Guide has shed light on the growing consideration among retirees for using equity release to supplement their retirement income.

This survey, which involved 1,803 individuals aged 55 or older, revealed that 40% are considering the option of equity release to bolster their financial situation in retirement.

This indicates a significant shift towards viewing home equity not just as an asset but as a strategic financial tool for retirement planning.

Commenting on the survey results, Saq Hussain, a financial expert at the UK Care Guide, noted, “The findings from our March 2024 research underline a dual trend: a keen interest in equity release as a retirement funding solution and a significant apprehension about its costs.”

research on how mortgages are the main reason for taking equity release

In an article published on 28th February 2024 by FTAdviser.com, authored by Tom Dunstan, findings from a study conducted by Canada Life were discussed, revealing that the principal reasonfor homeowners taking equity release is to clear their existing mortgages.

This reason was highlighted by 41% of participants, surpassing other motivations such as funding for home improvements (28%), vacations (20%), daily living expenses (17%), and the consolidation of unsecured debts (16%).

The study underscores a significant trend among homeowners, who are increasingly looking to equity release as a viable option to make themselves mortgage free as they head towards retirement.

Sadna Zaman, a proposition development manager at Canada Life, also discusses the reasons homeowners use equity release, including the aspiration for home renovations and the challenge of managing the escalating costs of living.

Zaman emphasises the “flexibility and accessibility” that equity release options provide, allowing individuals to tailor their retirement financial planning to fit their personal and familial needs best. 

About the study’s insights, Saq Hussain, Finance Editor at the UK Care Guide, remarked, “The move towards people using equity release for mortgage clearance, as shown by the Canada Life study, signifies a careful and deliberate approach to financial management among homeowners as they head towards later life and retirement.

This trend, particularly relevant as we proceed through 2024, exemplifies a broader inclination towards caution, with a clear focus on securing financial independence and stability in the face of ongoing economic uncertainties.”

disadvantages of equity release

Equity Release Regulations

Equity release, a significant financial decision, is governed by strict regulations designed to protect consumers. Understanding these regulations is crucial for anyone considering equity release, as it helps you understand what protections you have.

1 – The Role of the Equity Release Council

The Equity Release Council (ERC) sets the standards for the equity release industry to ensure products are safe and accessible for consumers. 

All members of the ERC must adhere to a strict code of conduct, which includes providing a ‘no negative equity guarantee’ (see below). This guarantee ensures that you will never owe more than the value of your home, protecting your estate from debt exceeding the property’s value upon sale.

In addition the Financial Conduct Authority (FCA) regulate providers.

2 – No Negative Equity Guarantee Explained

A cornerstone of equity release regulation, the ‘no negative equity guarantee’. This ensures that when the property is sold to repay the loan, even if the sale proceeds are less than the amount owed, neither you nor your estate will be liable to have to pay the difference. 

This protection is mandatory for all ERC member products, offering peace of mind to homeowners and their families.

3 – Independent Legal Advice Requirement

Another critical regulation is the requirement for independent legal advice. 

Before finalising an equity release plan, homeowners must consult with an independent solicitor. This ensures that all parties fully understand the terms and implications of the equity release agreement.

This step is vital for safeguarding consumers against potential misunderstandings or misrepresentations of the equity release product.

By adhering to these regulations, the equity release industry provides a secure environment for home owners to access the equity in their homes. 

Long-term Financial Planning with Equity Release

Equity release can significantly influence your long-term financial planning, especially with regards to retirement and potential long-term care needs. 

Understanding these impacts is crucial for homeowners considering this financial step. We’ve set out some issues below.

1 – Retirement Planning and Equity Release

Equity release might provide immediate financial relief, or fund a more comfortable lifestyle, but could also reduce the total value of your estate and the inheritance you can leave behind. 

When planning for retirement, we always recommend that you consider both the benefits of immediate access to cash and the long term implications on the value of your estate.

2 – Funding Long-term Care

Another critical aspect of equity release is its potential role in funding long-term care. 

With the ever rising costs of care in the UK, equity release might seem like a viable option to cover these expenses. 

However, it’s important to weigh this against other funding methods, such as insurance or using your savings, and consider the impact on your estate and any inheritance you wish to leave. 

3 – Impact on Your Financial Portfolio

Incorporating equity release into your financial portfolio requires careful consideration. 

It can affect your tax position, eligibility for means-tested benefits, and the overall balance of your investment portfolio, should you have one. 

Emotional Impacts of Equity Release

Equity release is not just a financial decision but also an emotional one. We think that understanding these emotional considerations is crucial for making a well rounded decision.

We’ve set out some considerations below.

1 – Family Dynamics and Inheritance Concerns

One of the most significant emotional considerations is the impact of equity release on family dynamics, especially when it comes to an inheritance. 

Many homeowners worry about reducing the amount they can leave to their family. 

This concern can lead to feelings of guilt or anxiety about the future financial security of their family. 

We recommend open discussions with family members about the decision to release equity, its reasons, and its implications. This can help alleviate some of these concerns, fostering understanding and support.

2 – Attachment to Home and Independence

For many, their home is more than just a property; it’s where memories were made and its also symbol of independence. 

The thought of taking out equity release can evoke strong emotions related to security and independence. Homeowners may feel conflicted about accessing the equity in their home, balancing the need for financial support with the desire to maintain their home as their own. 

Recognising and addressing these feelings is an essential step in the decision making process, as it can also help you decide what type of product could be right for you.

3 – Stress and Anxiety Over Financial Decisions

The process of deciding on equity release can be stressful, given its long-term financial implications and the complexity of available options. 

Anxiety about making the ‘right’ decision can be overwhelming for some, particularly when considering the potential impact on future financial stability and the ability to manage unexpected expenses.

We recommend seeking advice from a financial adviser who understands the emotional and financial aspects of equity release.

Addressing equity release’s emotional and psychological considerations is as important as understanding its financial implications. 

Acknowledging and discussing these emotional factors openly can help homeowners and their families navigate the equity release process more comfortably and confidently.

Equity Release and Tax Implications

One of the main benefits of equity release is that the money released from your property is always tax free. However, this doesn’t mean there are no tax implications. Depending on your circumstances, equity release could affect your tax position.

For example, if you decide you’d like to take out a lump sum and invest it, any income or money you make from these investments could be taxed. Also, if the money you release pushes your total income into a higher tax bracket, you could pay more income tax.

Equity release also has the power to affect your inheritance tax liability. When you pass away, the value of your property (including your home) will be assessed for inheritance tax. However, if you’ve released equity from your home, this might lower the value of your estate and, therefore, lower the amount of inheritance tax due.

It’s really important to talk to a professional for financial advice to understand the tax implications of equity release. A financial advisor gives guidance which is tailored to your personal and financial circumstances.

Impact on Benefits and Inheritance

Equity release can impact your benefits and inheritance which you might want to leave for your family upon your passing. With equity release work, as you use the value of your home, it is likely that there will be less to leave as an inheritance. This is something to consider if leaving behind an inheritance for your family is something you’d like to prioritise in your financial goals.

In terms of benefits, having a significant amount in your bank account is likely to affect your likelihood of getting means-tested state benefits. This includes things like your pension credit , council tax benefit , and sometimes savings credit.

On the plus side, the no-negative equity guarantee means that you’ll never owe more than the actual value of your property, even if house prices fall. This is a great benefit which works to ensure that your beneficiaries are protected.

Seeking Professional Advice on Equity Release

Given the complexities and potential pitfalls of equity release, seeking professional advice is vital. An equity release specialist will often be a part of a mortgage broker.  

An adviser will also be able to help you understand:

  1. a) getting life insurance
  2. b) impact on the costs of long term care
  3. c) the best equity release interest rates
  4. d) which equity release provider might be right for you
  5. e) travel insurance if you plan to travel with your money
  6. f) remortgage advice, if you decide to do something different

An equity release specialist or financial advisor can help you to understand the ins and outs of these schemes, including possible effects on your tax circumstances and your ability to receive state benefits.

To choose a plan that best fits your goals and needs, a financial adviser might help you compare other equity release plans and providers.

They can guide you through the equity release process, advising you on any potential early exit fees if you decide to repay the loan early.

Making an informed decision can be made much easier with the help of expert equity release advice. It can ensure that you’re aware of all the pros and cons, helping to assess whether equity release is the right choice for your personal circumstances.

pros and cons equity release

Our Final Thoughts

Equity release presents a significant financial decision with both immediate benefits and long-term implications for anyone who takes out a plan.

It offers a pathway to financial flexibility, enabling homeowners to enhance their retirement lifestyle without moving out.

However, it’s essential to weigh the pros, such as access to tax-free cash and the ability to stay in one’s home, against the cons, including the potential reduction in inheritance and the accumulation of interest.

We recommend:

  1. Consulting with a financial adviser to understand fully the implications of equity release on your financial situation.
  2. Considering the emotional and psychological impacts of such a decision on you and your family.
  3. Exploring all available options, including downsizing or other financial avenues, before making a decision.
  4. Using tools like equity release calculators to estimate the amount you could potentially release from your property.

Equity release could be a valuable tool in your financial planning arsenal, provided it aligns with your overall financial goals and circumstances.

Speak To An Equity Release Advisor Or Use the Equity Release Calculator Below To Estimate How Much You Can Borrow

The UK Care Guide works in partnership with Boon Brokers, one of the UKs leading equity release specialists.

You can contact them on 0333 567 1607 , or use the equity release calculator to estimate how much you can borrow.

Here is what Boon Brokers Offer

Whole of market access
Over a decade of experience
Great customer service

5 star client testimonials, on Trustpilot, about Boon Broker’s support and hands-on service

Call Boon Brokers on 0333 567 1607 to discuss your equity release requirements.

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All equity release and mortgage advice is provided by Boon Brokers Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757. 

If you take out a product with Boon Brokers, we will receive a fee for introducing you to them. Boon Brokers provides advice for free and without obligation.  By contacting Boon Brokers through us, the cost of any equity release product would be the same as if you had contacted them directly.  

The fee we receive is used to help keep this site operational and to produce new content.  

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

Meet the author

Saq Hussain

Saq is a financial expert, and is responsible for the day-to-day running of the UK Care Guide website.  Prior to taking on the operation of this site, Saq was a Director and the UK Head of DC Pensions, Benefits and Wellbeing at PwC.  Saq is also a part of the steering group at the Living Wage Foundation that has developed the UK’s National Living Pension standard.

Saq has regularly featured in the press, with examples including:

UK Care Guide is really proud to have been featured on some of the UK’s leading websites

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Pros & Cons of Equity Release

In recent years equity release has become a very popular option. This article looks at the pros and pitfalls of equity release and what you need to consider before taking it out.

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Drawndown Lifetime Mortgages

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One of the big concerns that people have about equity release is what happens to their home and borrowings when they die.  In this article we explain everything you need to know.

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A home reversion plan is primarily suited to individuals over 65 looking for a solution to their finances.  This article explains all you need to know.

Financial Promotions Sign-off

Where applicable, the adverts for Boon Brokers on this page have been signed off as a Financial Promotion by Boon Brokers Limited, to ensure that they are in compliance with Section 21 of FSMA. Boon Brokers Limited is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757.

The Age Partnership equity release calculator has been approved and provided by Age Partnership. Age Partnership is a trading name of Age Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. FCA registered number 425432.

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All equity release advice is provided by Boon Brokers Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The Financial Services Register number is 973757. 

 

If you take out a product with Boon Brokers, we will receive a fee for introducing you to them. Boon Brokers provides advice for free and without obligation.  By contacting Boon Brokers through us, the cost of any equity release product would be the same as if you had contacted them directly.  

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Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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