Describes products allowing you to withdraw money/equity tied up in your home. Usually claimed once you’re over 55 and is a way of using your home as collateral whilst living in it. Money can be claimed all at once or in instalments, interest is also added.
Two types of plans:
You don’t pay tax on money from equity release, but it will reduce the value of your estate. reducing the inheritance tax owed, but less of the estate goes to them.
Things to consider:
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