14th July 2022
Managing The Impact On Your Pension Conclusion
This week we have looked at planning for your retirement and the options open to you on your retirement. As always, you should consider your options carefully before securing additional debts against your home. Your mortgage is secured by your home, which you may lose if you do not make your mortgage payments on time. Equity release may entail a home reversion plan or a lifetime mortgage secured by your home. Request a personalised illustration to better understand the features and risks.
Any outstanding mortgage must be paid off before equity can be released. Equity released, plus interest accrued, to be repaid upon death or placement in long-term care. Equity release reduces the amount of inheritance you can leave and may affect your future eligibility for means-tested benefits. You should check that this mortgage will meet your needs if you plan to move, sell your home, or leave it to your family. Seeking professional financial advice if you are unsure is always the best option and Woodward Markwell are always here to answer any questions you might have.
Contact us to get answers to any questions you might have today.