The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.
What is an equity release mortgage?
Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. Member of The Investment Association. The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April The law in Scotland and Northern Ireland is significantly different.
This is for information purposes and is not intended to be legal advice.
Equity Release Mortgages: Expert Advice | MoneySuperMarket
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How equity release works Equity release guide What is a lifetime mortgage?
Published: 1 Aug Ask the experts: homebuying My mother is seeking equity release on her house. Published: 30 Jul Want a comfortable retirement? Published: 18 Jul Ask the experts: homebuying My dad died without a will and now my mother is stuck. She is trying to release the equity in their joint-tenancy house, but the lawyers say it is uncertain who owns the other half.
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With only weeks to go before the pension freedom day, peer-to-peer loans and equity release are now serious options. Published: 7 Mar Ask the experts: homebuying Can we switch to a let-to-buy mortgage?
Property advice: We want to release some equity on the flat we let out, but fear we complicated matters by switching mortgages on it before. Published: 27 Nov Ask the experts: homebuying Are we liable for capital gains and inheritance tax on a gift to our mum? Published: 2 Oct Equity release: key to unlocking your retirement — or a dangerous trap? The number of older people taking cash out of their property at retirement has hit a record high.
We look at the pros and cons. You must own property in the UK, which must be your main residence. Your property must be in reasonable condition and over a certain value, and there may also be restrictions on the type of property accepted. If you have a mortgage or secured loan on your property you may still qualify for equity release, but it will depend on the value of your home and the amount outstanding on the existing mortgage or loan.
You'll have to pay off any outstanding mortgages or loans secured against your home at the same time as taking equity release.
Equity release may not be suitable if you have dependants living with you. Any dependants should take separate legal advice.
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Finding an adviser Always get advice from a specialist equity release adviser before taking out equity release. You may continue to benefit from any rise in the value of your property.
You can still move to a suitable alternative property in the future, as equity release is transferable. It will be subject to your new home meeting the property suitability criteria applicable at the time. With a lifetime mortgage, you continue to live in and keep ownership of your home. Disadvantages Equity release reduces the value of your estate and the amount that will go to the people named as beneficiaries in your will.
Your estate is everything you own, including money, property, possessions and investments. With a home reversion plan, the reversion company owns all or a part-share of your home. Getting a lump sum or taking extra cash to supplement your income may reduce your entitlement to means-tested benefits, now or in the future.
If you get care at home funded fully or partially by the local council, they may start charging you or ask you to pay more. When these standards are met it means you: can live in your property for life, or until you move into permanent residential care can move your plan to an alternative property providing it is acceptable to the equity release product provider will never owe more than the value of your home when it is sold after you die or move into permanent residential care.
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