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June 25, 2024Equity release schemes are useful for long-term care planning, but they’re only helpful if you want to pay for your own care and do not qualify to receive local authority assistance.
Equity release is not suitable if you are planning to go into residential care in the near future.
Equity release agreements require that you repay the loan fully if you permanently move into a nursing home.
What is the maximum amount of equity you can release?
It depends on several factors such as the value of your property, your age, and the product that you select. For advice on Equity Release Solicitors Near Me, visit a site like https://www.tivoli.legal/equity-release-solicitors-near-me
What is the cost?
Be sure to consider all costs before proceeding.
You may have to pay for:
- Legal fees
- Valuation fees
- Buildings insurance
- If you wish to redeem your mortgage early, there will be early repayment fees.
- An arrangement fee is paid to the mortgage lender. This fee is also known as a ‘administration’ fee or an ‘application fee’
- Your adviser will charge you a fee for advising on your options and recommending your best plan
- A completion fee. The fee can be added to your loan or paid at the time of completion.
What else should you be aware of?
Check if releasing equity in your home affects your tax situation, any state benefits and local authority assistance. If you decide to move house at a future date, you may find that your options are limited.
