What is Equity Release?
If you are aged 55 or over and are a homeowner, then Equity Release is a way for you to access the capital within your home without having to sell your property or move out. All money taken through Equity Release is tax free.
At Chelmsford Mortgage Solutions we are members of the Equity Release Council, which means that we adhere to the highest standards of care. Our experienced advisers will take the time to understand your needs and recommend the right product.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to
means-tested benefits and tax status.
The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the
outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after
10 years assuming no repayments are made.
This is an example for illustrative purposes only and personalised advice and recommendations
should be sought from a qualified professional. You are strongly advised to register a lasting
power of attorney. This will allow your affairs to be managed by somebody else if your mental
abilities significantly decline.