0151 608 9078
0151 608 9078
Deciding whether or not to release equity from your property can be a life-changing decision and one which shouldn’t be taken lightly.
Before you proceed with an equity release plan it is important to take time to talk to financial and legal experts as the implications can be far reaching. With professional guidance you can make informed decisions which are right for you and your circumstances.
Firstly, consult a financial expert who is qualified to offer advice and guidance on various equity release products. Your advisor will discuss the options with you and recommend an appropriate plan for your needs. As well as explaining the products to you, your advisor should also discuss interest rates and limitations that could impact on any future decision making.
In addition to financial advice, you will need legal assistance. At Kirwans we offer a specialist service that provides you with expert led advice and support. Our team take the time to understand your plans and objectives. With over 10 years experience in dealing with equity release, we help you to ensure that any implications of your plan are effectively and professionally managed.
Finally, discuss your plans with your family and loved ones. It is important to remember that releasing funds from your home could impact on inheritance. Involving your family from the outset can help in avoiding any misunderstanding and unexpected surprises further down the line.
Impact of Equity Release on Benefits
Some equity release plans may impact on any benefits that you receive when you enter a scheme and on benefits that you become entitled to in the future.
If you receive any means-tested benefits, they may be reduced or lost entirely. This will depend on your circumstances and the type of equity release scheme that you choose.
Your advisor should always discuss any implications with you and advise on what will happen to your benefits when you take out a equity release plan.
To find out more about our services, contact a member of our Private Client team today on 0151 608 9078 or complete our online enquiry form.
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