[həʊm ˈɛkwɪti rɪˈliːs]
Home Equity Release allows qualifying homeowners to access tied up equity through a tax-free cash lump sum or regular payments without selling the property.
Home Equity Release is a financial product which allows homeowners to access the Equity they have built up in their property over time. To qualify for this, homeowners usually have to be over 55 and have a certain amount of equity built up in their property.
There are two main types of Home Equity Release. A lifetime mortgage product releases equity to the homeowner, and the loan and interest is repaid when the homeowner passes away or moves into care long-term. There is also the home reversion option. This involves selling a proportion of your home for a lump-sum or regular payments while still living there. After the homeowner passes, the house is sold and the proceeds are split between the Home Equity Release provider and beneficiaries from the will.
Homeowners do not have to pay any tax on money you get from Home Equity Release.
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