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:
Arrangement Fees payable to the lender
Legal Fees
Valuation Fees
Maintenance costs - you are still responsible for the maintenance of the property
Insurance costs - maintaining adequate building insurance
Loss of income, such as reduced eligibility for means-tested benefits
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.
THIS SERVICE IS REFERRED TO A THIRD PARTY PROVIDER.