FAQ’s
No, the equity release funds are tax free and may be spent in any way you wish.
Yes, there are plans that allow you to leave a percentage of your property’s value to your beneficiaries. In addition, any funds remaining after the plan has been paid in full will be left to your estate automatically.
Whether you’re single or one of a couple, if you need care in your home, this isn’t likely to affect the terms of your plan. For couples, if one of you leaves to go into a care home, the other can continue to live in the property, and your plan is normally not affected. The plan will end if both of a couple or you as a single person have to move into a care home.
The property will be sold once the last surviving spouse of a couple or you as a single person have either moved into long-term care or have passed away. The sales proceeds are used to repay the equity, and any money left over forms part of your estate.
Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration. Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits.