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About the Author

Dan Osman

Head of Later Life at UK Moneyman Ltd.

Dan Osman

Dan joined the Financial Services sector back in 2002, but actually left the industry in 2008 before returning some years later. During the in-between years, he took a degree to become a Social Worker specialising in working with vulnerable adults.

Upon his return, Dan combined his experiences in the two sectors to become an Equity Release Specialist and he now heads up UK Moneyman’s Later Life Lending proposition. He genuinely believes in a holistic approach and always ensures his clients receive a proper consideration of all the options available, including non-lending alternatives to Equity Release.

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Is Equity Release a Good Idea?

Equity release has gained significant attention as a financial solution for homeowners aged 55+ who are looking to unlock the value tied up in their homes. Morning television is full of adverts targeting the retired generation to promote releasing instant tax-free cash from their homes.

Before making any decisions, it is important to seek good quality equity release advice as to whether unlocking the value of your home is a good idea for your individual circumstances.

Equity Release Considerations

In this article, we will help you understanding the considerations by delving into the pros and cons of equity release.

Let’s explore some of the key aspects that can guide you in determining if equity release is the right financial option for you. Remember, great independent equity release advice will prove invaluable in this area.

Why Clients Use Equity Release

Our clients choose to release equity from their homes for several reasons, the main ones being; to repay an outstanding mortgage and/or debts, supplement monthly pension income, gifts to family members; to buy a new bigger or smaller property, divorce settlements in later life, or a big purchase such as a boat or car.

The amount you can borrow on an equity release plan will depend on several factors such as your age, whether you have a partner and health. Unlike normal mortgage products, your credit score is not usually a factor with this type of product.

Understanding Equity Release

Equity release is aimed at homeowners over the age of 55. Your property, which needs to be your main residence, will have to be valued at £70,000 or more to qualify. If the property is in joint names, the youngest applicant will need to be aged 55 or over.

The amount of tax-free cash that you can release will depend on several factors such as, age, health and the value of your property. There are two types of equity release available, a lifetime mortgage, which is most recommended, and a home reversion plan.

Pros of Equity Release

Cons of Equity Release

Equity Release Considerations

Deciding whether equity release is a good idea requires careful evaluation of the pros and cons, considering your financial goals and personal circumstances.

While it can offer valuable opportunities to access funds tied up in your property, it is crucial to weigh the potential impact on inheritance, long-term interest accumulation, and eligibility criteria.

Seeking advice from a qualified professional, like us, to fully understand the risks and benefits associated with equity release is vital. With careful consideration and great guidance from our specialist equity release advisors, you can make a well-informed choice that aligns with your financial objectives.

Equity Release Advice

Given the complexities involved in the later life mortgage range and equity release plans, it is strongly advised to seek independent mortgage advice from qualified experts, like ourselves.

An experienced equity release advisor can assess your specific situation, explore alternative options, and guide you through the process to ensure you make an informed decision.

Book a Free, No-Obligation Consultation

If you feel ready to take the next step with us, we’d love to hear from you. You can telephone or book online to arrange a free, no-obligation consultation where we can discuss your later life/equity release mortgage options. 

We’ll answer all your questions and recommend a way forward. We don’t need anything in the call other than your ages and your address. Evening calls are available to fit around any work or family commitments. 



About the Author

Dan Osman

Head of Later Life at UK Moneyman Ltd.

Dan Osman

Dan joined the Financial Services sector back in 2002, but actually left the industry in 2008 before returning some years later. During the in-between years, he took a degree to become a Social Worker specialising in working with vulnerable adults.

Upon his return, Dan combined his experiences in the two sectors to become an Equity Release Specialist and he now heads up UK Moneyman’s Later Life Lending proposition. He genuinely believes in a holistic approach and always ensures his clients receive a proper consideration of all the options available, including non-lending alternatives to Equity Release.

Learn More

Later Life Guides

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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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