Costs

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Costs of Equity Release Schemes

Take into consideration that when entering into any type of equity release scheme there will be set-up costs and ongoing costs which can include:

  1. Arrangement Fees payable to the lender
  2. Legal Fees
  3. Valuation Fees
  4. Maintenance costs - you are still responsible for the maintenance of the property
  5. Insurance costs - maintaining adequate building insurance
  6. Loss of income, such as reduced eligibility for means-tested benefits

Warning Text

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EQUITY RELEASE (INCLUDING LIFETIME MORTGAGES AND HOME REVERSION PLANS) WILL REDUCE THE VALUE OF YOUR ESTATE AND CAN AFFECT YOUR ELIGIBILITY FOR MEANS TESTED BENEFITS.

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EQUITY RELEASE IS NOT SUITABLE FOR EVERYONE. IT HAS BOTH ADVANTAGES AND DISADVANTAGES, AND IT IS IMPORTANT TO CAREFULLY CONSIDER WHETHER IT IS THE RIGHT OPTION FOR YOUR INDIVIDUAL CIRCUMSTANCES.

EQUITY RELEASE MAY INVOLVE A LIFETIME MORTGAGE OR A HOME REVERSION PLAN. TO FULLY UNDERSTAND THE FEATURES AND RISKS, YOU SHOULD REQUEST A PERSONALISED ILLUSTRATION.

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