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What is Equity Release?

Equity release is a way of unlocking some of the value of your property without the need to move. The maximum amount of equity you are able to release depends on your age and the value of your property. However, if equity release is suitable for you, one of our specialist equity release advisers will help you to decide what you actually need, rather than just looking at the maximum available.

Equity release is regulated by the Financial Services Authority (FSA). In addition, members of the Equity Release Council (ERC) have agreed to adhere to a code of conduct which provides additional protection to consumers. Accordingly we at Better Retirement only recommend equity release plans that meet all of the ERC code of conduct guarantees.

To find out more about the FSA, please visit the How are you protected? section of this website.

There are three different types of equity release available:

• Lifetime Mortgage
• Home Reversion Plan
• Interest Only Mortgage

Please see our example case studies for how equity release may be used but remember that there are many other ways that equity release may be able to help you.

Important factors:
You must remember that equity release may reduce the value of your estate, which will impact on the amount of inheritance you are able to leave, and that future property prices may be higher or lower than they are currently.

Releasing some money from your property may also impact on your entitlement to means-tested state benefits and it may alter your tax position.

Most equity release plans have an early repayment penalty so you could incur charges should you wish to pay off a plan before your death or make a move into long term care.

We recommend that you discuss your plans with your family and that, with the help of one of our advisers, you consider the alternatives to equity release.

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