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Equity Release Plans

Many elderly people, even before the need for long term care arises, have the bulk of their wealth tied up in their home, when what they really need is an income source.  Today’s flexible Equity Release Plans are specially designed for people who find themselves increasingly ‘asset rich, but income poor’.

Equity Release schemes allow you to take advantage of the equity built up in your property – which can then be spent on anything you wish.  You have the option of paying back the interest, or not, and the plan will run until the last person has died, or moved into long term care.  At that point, the property is usually sold, with the proceeds of sale used to pay off the equity release scheme and the balance passes to any beneficiaries

If you are a homeowner age 55 or over with a property value over £60,000 you could be eligible to release cash from your property; in the form of a tax-free cash lump sum or an income for life.  Equity Release schemes today are increasingly flexible and are designed to meet modern day lifestyles.

Care Directions works with the specialist  Equity Release advisors, ‘Equity Release Supermarket’.  You can read all about its products and services by going to this comprehensive article.

Lifetime mortgages and home reversion plans are regulated by the Financial Conduct Authority (FCA).  To understand the features and risks involved ask for a personalised illustration.  An equity release plan can reduce the value of your estate and may not be suitable for everyone.  It may also affect your entitlement to state benefits.