Equity Release Advantages & Disadvantages

 

Advantages:

  • These schemes free up cash as either a lump sum or regular income.
  • Some products do not need payments until the property’s sale.
  • You may stay in your house for the rest of your life.
  • Depending on how much cash you take, you may receive more at a later stage.
  • Though there are restrictions, you may move to a different property.

Disadvantages:

  • Your property’s value, as well as the estate you leave your heirs, is reduced.
  • You are borrowing against or selling your property when there may be other methods to raise the funds you need.
  • It may be more expensive; compare this to the costs of buying a smaller property.
  • You may find you no longer qualify for means-tested benefits and grants.

Quick Enquiry

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Taking a lump sum plus costs will reduce the value you have in your home and therefore the amount of any inheritance you leave. Your tax and welfare benefits may also be affected.

This is a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.

The Harrington Brooks Equity Release Service is provided by Parker Kelly & Co. Parker Kelly & Co is authorised and regulated by the Financial Services Authority.

Harrington Brooks Debt Consolidation Loans, Re-mortgages and Equity Release is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd.

Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.

Harrington Brooks commits to maintain the accuracy of all the website advice. But occasionally, rules and regulations regarding the advice given can change and our website may become temporarily out of date. To ensure that you have the best and latest information available, please contact us on 0808 131 0040 and speak to one of our expert advisors.

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