Allows someone who owns their home outright to release some of its value in the form of tax-free cash.
What you need to know
If your home has risen in value and you own it outright, but don’t want to move, you could free up some of that locked in investment with an equity release scheme. This could be either for extra income, to help supplement your pension, for home improvements or anything you like.
What to think about first
Before choosing Equity Release you should consider the following:
- Could you downsize your home?
- Are there savings or investments you could use?
- Are you entitled to further state benefit?
Ways to release equity in your home
Lifetime Mortgages
This will give you a cash lump sum or regular payments, whichever you prefer. It works like a loan and has interest. The full amount is paid back when your home is sold after you pass away or move into a care home.
Home Reversion Plans
A company will buy your home in return for cash. You can stay in your property rent free until you pass away. Unlike a lifetime mortgage there is no interest to pay. Any increase in your property’s value is shared equally with you and the company.
We can help you
With a wide range of equity release schemes available, we can ensure you get the best one for you. Broadbench does not provide equity release mortgages directly however, we have an expert panel of providers who will be able to advise you accordingly.
Ok, how does it work?
