Although equity release can be a useful way to release tax-free cash from your home, it's not right for everybody.
Some of the disadvantages are that:
interest can build up quickly on the loan
borrowing against your home will reduce how much you can leave as an inheritance
there may be cheaper ways to borrow money
may affect your entitlement to means-tested benefits
you can only move a lifetime mortgage to another property that's acceptable to the lender
if you choose to repay the loan early, there could be a significant Early Repayment Charge.
You can only take out a lifetime mortgage through a financial adviser. Before going ahead, the adviser will check if equity release is right for you. If you're interested in finding out more about a lifetime mortgage, you can call us on the number shown on this page.