Are you curious about equity release but unsure if it’s the right choice? You’re not alone. Many homeowners explore this option to unlock the value tied up in their homes, but it’s important to understand how it works before making any decisions.
In this blog, we’ll guide you through the basics of equity release, address common concerns, and help you determine if it’s the right solution for your needs.
What is Equity Release?
Equity release allows homeowners aged 55 and over to access the cash value of their property without having to sell or move. The most popular type of equity release is a lifetime mortgage, where you borrow against your home and repay the loan (plus interest) when the property is sold, usually after you move into long-term care or pass away.
Equity release can provide financial freedom to:
– Supplement retirement income.
– Help family members with a deposit for their first home.
– Fund home improvements or other major expenses.
Common Concerns About Equity Release
1. Will I Lose My Home?
No. With a lifetime mortgage, you retain full ownership of your property. You can live there for as long as you wish, provided the property remains your main residence.
2. Will My Children Inherit Less?
Releasing equity reduces the value of your estate, but many plans allow you to ring-fence a portion of your home’s value to ensure your family receives an inheritance.
3. Is It Safe?
Yes, provided you work with advisers regulated by the Equity Release Council (like us!). They ensure plans come with safeguards, like a “no negative equity guarantee,” meaning you’ll never owe more than the value of your home.
Why Choose Equity Release in Kent?
As a Kent homeowner, you benefit from living in a region with a vibrant property market. Equity release can help you make the most of your home’s value while enjoying the lifestyle you deserve. Whether you live in Canterbury, Sandwich, Deal, or the surrounding areas, our local expertise ensures you receive tailored advice that considers your unique circumstances.
How We Help Kent/London Homeowners
At Later Life Financial Advice, we specialise in guiding first-time clients through the equity release process. We’re based here, so we understand the needs of local homeowners. We’ll explain everything clearly, answer your questions, and ensure you feel confident in your decision.
Take the Next Step
If you’re unsure about equity release or have questions, contact us today for a free consultation. We’ll provide straightforward advice to help you explore your options.
