Costs
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 maintenance of the property
- Insurance costs - maintaining adequate buildings insurance
Equity Release, Lifetime Mortgages & Home reversion Plans will reduce the value of your estate and can affect your eligibility for means tested benefits.