Some people choose to keep the equity in their property throughout their lives whilst others might choose to use this money as they wish in their retirement. You can use Equity Release to give yourself a tax-free cash sum to spend as you wish, a regular income, or a facility enabling you to draw down money against the property, as and when required. The amount of money that can be taken as an Equity Release is limited and determined by your age(s), the property value and sometimes your health. This will vary between lenders and the type of plan you choose.
- You have the flexibility to receive a tax-free cash lump sum
- You can use the cash for whatever you wish
- You will not have to move house
- Many schemes now carry a “No Negative Equity” guarantee.
With most plans you have the right to move to another suitable property without any financial penalty
How can Coodes help?
We provide a seamless service drawing upon experience from two of our specialist teams – the residential property team and the elderly client team. We ensure that our clients have obtained independent financial advice and Termsexplain to them, at a personal meeting, the structure of the arrangement that they propose to enter into. When appropriate we can, of course, offer home visits.
We will support you through every step of the process and will advise you on key points including:
- Your right to live in the property for your lifetime providing you comply with your obligations under the mortgage
- Your obligations under the mortgage including those for on-going insurance and maintenance of the property
- The circumstances in which the Lifetime Mortgage becomes repayable
- That the amount of State or other benefits to which you might be entitled either now or in the future may be reduced as a result of proceeding with the mortgage
- Longer term issues such as care home costs, inheritance tax, wills, lasting powers of attorney
All prices are exclusive of VAT and any expenses we may have to make on your behalf (e.g. search fees)
Complete the form and one of our specialists will contact you shortly.