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Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments.
As members of the Equity Release Council, McDougall McQueen prides itself on the high standards of conduct and practice in the provision of and advice on equity release which have consumer safeguards at its heart.
Did you know you have the potential to access the wealth in your home for a variety of uses? Equity release is a way of releasing the wealth tied up in your property without having to sell it and move to another home and is designed to help older customers who either own their property outright, or have relatively small mortgages left to pay. There are two types of equity release – Lifetime Mortgages and Home Reversion plans – both of which are regulated by the Financial Conduct Authority.
By using an equity release product, a home owner can draw a lump sum or regular smaller sums from the value of their home, while remaining in their home, often playing a crucial role in retirement funding.
Done correctly, equity release should have no impact on an individual’s tax position or their state benefits, however each individual’s circumstances need to be assessed. Equity release plans are not right for everyone and it is important that you fully consider your options and receive independent financial advice before making a decision.
If you are a homeowner and want to tap safely in to your housing wealth without having to worry about making monthly repayments, then speak to the team at McDougall McQueen to find out more about your options.
15 July 2019