Equity Release in Basildon
Equity release advice for homeowners aged 55 and over in Basildon, Pitsea, Wickford and Billericay.
Clear explanations
Lifetime mortgages and home reversion in plain English
Take your time
There is no pressure to go ahead
Family welcome
We encourage you to involve your family
If you own your home in Basildon and are thinking about releasing some of its value in later life, it is important to understand how equity release works and what it means for you and your family. It is a major decision, and it is not right for everyone.
We explain the options, the costs and the risks in plain English, and encourage you to involve your family and to take your time.
Equity release for Basildon homeowners
Many people in Basildon have lived in their homes for decades, so their homes may be worth much more than when they bought. Equity release lets some homeowners use part of that value without moving, through a lifetime mortgage or a home reversion plan. Both reduce what you leave to your family, and both involve costs and conditions, so you should look at them carefully.
Before you consider equity release, we help you think about the alternatives. These can include downsizing to a smaller home in Basildon or nearby, using savings, or taking other kinds of borrowing, and each has advantages and drawbacks. If you receive means-tested benefits, equity release may affect your entitlement, and we explain how to check. You will also need independent legal advice from a solicitor, and we encourage your family to be involved in the discussion.
How it works
Initial conversation
We talk about your circumstances and what you want to achieve.
Options and alternatives
We explain equity release and the alternatives, including the risks.
Personalised illustration
If it looks suitable, you receive an illustration showing the costs and features.
Time to think
You can take time to consider it and to talk it through with your family.
Application and legal advice
If you decide to go ahead, a solicitor gives you independent legal advice.
Funds released
The plan completes and the funds are paid out.
For the full guide, see our Equity Release page.
Frequently asked questions
Can I stay in my Basildon home if I take equity release?
With a lifetime mortgage you normally keep owning your home and can live there for life, provided you meet the conditions of the plan. With a home reversion plan you sell all or part of your home, usually with a right to live there. We explain the terms of each.
Will equity release affect my family’s inheritance?
Yes. It reduces the value of your estate, and with a lifetime mortgage the interest can add up over time. We recommend you talk to your family and ask for a personalised illustration.
How much money can I release?
It depends on your age, the value of your property and the plan. A personalised illustration will show what may be available and what it would cost over time.
Will I still own my home?
With a lifetime mortgage you keep ownership of your home. With a home reversion plan you sell all or part of it, in return for the right to live there.
Important information
- Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.
- Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
- Your home is used as security. It could be at risk if you do not meet the conditions of your plan.
The information on this page is general and is not advice. Advice depends on your personal circumstances.
Equity Release in other areas
Speak to an Adviser
Interested in Equity Release (Basildon)? Tell us a little about you and we'll be in touch