Equity Release
Your home may be repossessed if you do not keep up repayments on your mortgage
Equity Release services are referred to a third party. Neither Chelmsford Mortgage Solutions nor PRIMIS are responsible for the service received.
What is Equity Release?
If you are aged 55 or over and are a homeowner, then Equity Release is a way for you to access the capital within your home without having to sell your property or move out. All money taken through Equity Release is tax free.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to
means-tested benefits and tax status.
The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the
outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to £100,000 after
10 years assuming no repayments are made.
This is an example for illustrative purposes only and personalised advice and recommendations
should be sought from a qualified professional. You are strongly advised to register a lasting
power of attorney. This will allow your affairs to be managed by somebody else if your mental
abilities significantly decline.