IF you’re a homeowner aged 55 or over, you may be able to unlock the value that has built up in your home as tax-free cash to help you supplement your later life finances.
According to the Equity Release Council, last year 64,448 customers took out new equity release plans, made use of drawdown reserves or got extensions to existing plans.The average amount borrowed by new customers stood at £97,878 – how would you use a lump sum of tax-free cash?To unlock equity from your home you must be aged 55 or over, and your property must be worth at least £70,000.
With a home reversion plan, you sell all or part of your property in return for a tax-free lump sum or smaller amounts over time, but you can continue to live in your home as a tenant, typically paying no rent.Daughter sues over £2.6m after 'her inheritance ploughed into property' Your advisor will take the time to understand your needs and assess how your entitlement to means-tested benefits could be affected, now or in the future.
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