Considerations
Things to think about when considering Equity Release
Equity Release is an important decision affecting your home and your future, and it is essential that you consider all of the options available to you before you make your decision. SYH Charterhouse recommends that you undertake research, seek advice and consult your family if you are considering any Equity Release product.
The Equity Release Specialists at SYH Charterhouse will be delighted to discuss your options with you in a polite and relaxed manner, and provide you with a free no-obligation consultation about how Equity Release could suit your particular needs and requirements.
Should you wish to proceed with an Equity Release Plan, SYH Charterhouse will research the entire Equity Release market and compare all of the available options to ensure we find the product best suited to your requirements.
SYH Charterhouse also understand that whilst Equity Release can be a useful way for many people to release the cash tied up in their homes, it may not be right for everyone. Below are a number of factors to keep in mind when considering Equity Release.
Points to consider:
- Equity Release reduces the value of your estate, and subsequently reduces the inheritance that you can leave to your beneficiaries.
- Equity Release may affect your eligibility for state benefits and your tax position.
- If you partake in a Home Reversion plan, you will live in the property under the terms of a secure tenancy, which will mean adhering to all of the terms of the lease
- In the case of a Home Reversion plan, you will not receive the full market value of the property. Furthermore, depending on the percentage of the property you release, you will no longer retain full ownership of your home.
- If you wish to repay the loan during your lifetime, you may incur Early Repayment Charges on some Lifetime Mortgage plans.
- You will remain responsible for the maintenance and upkeep of your property.
- There are costs associated with undertaking an Equity Release plan, including valuation fees, legal costs, insurance and arrangement fees.
For more detailed information about the plans we offer and the advantages and disadvantages, please visit our Lifetime Mortgages and Home Reversion sections. For more information about how Equity Release may suit your particular circumstances, and the full costs involved, please call the team free on 0800 169 5723.
Equity Release may involve a Lifetime Mortgage or a Home Reversion plan. To understand the features and risks, please ask for a Personal Illustration.