While equity release can be a great option for many, it’s not for everyone. Equity release will reduce your estate’s value and it could affect your eligibility for means-tested benefits. It may leave little or no property equity remaining, limiting your financial options in the future and will mean that you have less money in your home to use to pay for care in later life. Also, your loved ones won’t inherit the full value of your home after you pass away. That’s why it’s essential to speak with an expert before making any decisions about equity release or later life lending. What’s more, the Financial Conduct Authority (FCA) requires you to take professional advice before proceeding with equity release.
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