Equity Release Specialists in Leeds
There are a variety of reasons why someone might want to release the equity in their home.
From supplementing your income, through to paying off debts or helping your children onto the property ladder, equity release can provide you with the funds you need.
At Freedom Advice, we understand that every individual’s financial situation is unique.
As members of the Equity Release Council, our experienced team has helped people throughout Leeds and the surrounding areas make the best and most informed decisions about equity release options.
What is equity release?
Equity release is a tax-free solution for homeowners aged 55 and over looking to unlock the value of their property by turning it into a cash lump sum or smaller amounts with interest. This allows people to spend the money as they wish, whether it’s for supplementing their income, paying off debts, helping their children onto the property ladder, or undertaking home improvements.
How Does Equity Release Work?
There are two main types of equity release plans:
- Lifetime Mortgage: This option allows you to release tax-free money from the value of your home while retaining 100% ownership. You can stay in your home for the rest of your life, and the loan plus accrued interest is repayable upon death or moving into long-term care.
- Home Reversion Plan: With this plan, you sell all or part of your home to a plan provider in exchange for a tax-free lump sum. The provider then owns a percentage of your property, and the remaining portion is repaid when the property is sold.
Both types of equity release plans are regulated by the Financial Conduct Authority, ensuring that you receive reliable advice and support throughout the process.
What can equity release be used for?
Every case that we work with is different. Some people may want to undertake home improvements, whereas others will use the equity to support family members.
According to the Equity Release Council, around £11 million is released every day, with money being used for a variety of reasons, including so that people can enjoy their retirement without serious financial constraints.
Frequently Asked Questions
How can Freedom Advice help?
With years of experience providing equity release advice to Leeds residents, our team at Freedom Advice can help you realize your dreams and ambitions by making the right financial decisions for your future.
We offer personalized recommendations and guidance to ensure you choose the best equity release plan that suits your needs.
Contact Freedom Advice Today
If you have questions about equity release, or are curious as to whether Freedom Advice can help, contact us on 0113 829 3465.
Our expert team of advisors is ready to help you make the most informed decision for your future.