While equity release plans can be a good way of cutting inheritance tax bills, they will also reduce what your family will inherit.
While it should ultimately be your choice whether to sign up to a scheme, it is probably a good idea to discuss it with close family members and/or anyone who might have expected to inherit your home. This may help avoid any unpleasantness or misunderstandings.
If the property has been a family home for a long time, bear in mind that your children or other relatives may also have an emotional attachment to it. They may even have been thinking of living in the property after you die.
Children or other relatives may be prepared to help you out financially instead of you taking out an equity release plan. They could then inherit the whole property.
Equity Release refers to home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.
For Equity Release advice you can choose how we are paid, pay a fee of usually 0.5% of the loan amount or we can accept commission from the lender.