Remortgaging reduces inheritance tax and releases cash
There has been a trend for elderly people to re-mortgage their property in order to give their middle aged families money and reduce inheritance tax.
Ascot Mortgages
What is the minimum age to qualify for equity release?
This depends on the age of the youngest person on the title deeds & also property criteria. For lifetime mortgages the minimum age is 55 and for a home reversion plan the minimum age is 65.
Is there a minimum property value for equity release?
Typically the minimum property value acceptable in the equity release marketplace is £70,000
Will equity release affect my state benefits?
A release of equity can affect certain means tested benefits i.e. pension/savings credit, housing benefit. It is important that you disclose all relevant information during any equity release discussion to ensure that benefits are not jeopardised. A drawdown facility may help to negate this.
Would I still own my property?
Full ownership is retained by you with any lifetime mortgage. However, please note that with a home reversion scheme you will no longer fully own the property.