Equity Release – Get the right advice to avoid hefty costs or mortgage mis-selling

If you are aged 55 or over, you may be eligible for an Equity Release mortgage. Equity Release is a form of borrowing that allows you to release money from your home without having to make monthly repayments.

There are two main types of Equity Release: Lifetime Mortgages and Home Reversion plans.

Who pays for Equity Release?

Unlike ordinary mortgages, the interest in Equity Release accrues over the life of the loan and is compounded (rolls up), which means that the longer you have it, the greater the total interest.

Does Equity Release give Inheritance Tax savings?

Equity Release is typically re-paid on the death of the last surviving homeowner or on their permanent move into care. With regards to tax liability, it may be the case that, by taking out an Equity Release mortgage you may experience a short-term profit.

However, in the long-term, the interest, charges and adviser’s fees of the Equity Release may exceed your tax savings. You therefore should seek independent financial advice prior to making any decisions and gain a clear understanding of the exact costs and benefits.

If the advice was wrong

You may be entitled to bring a claim against your advisor or lender and be able to claim back any financial losses you have incurred if:

  • You have opted to release equity from your home but fear you received poor or incorrect advice that did not reflect your needs; or
  • You feel you were taken advantage of because you did not understand how Equity Release mortgages worked.

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