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:
- 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
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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.