For many people, property is their main source of wealth. However, this asset is often used to pay for additional needs in later life, such as long-term care. At the same time, some clients may be keen to leave a legacy or at least ensure their family aren’t left with the worry of financial debt.
There are a number of ways in which property equity might be used in later life. There may be circumstances where a lifetime mortgage is suitable, or an existing plan can be flexed to respond to changing circumstances, or an immediate needs annuity might be appropriate. Either way, personalisation of the options can make a big difference.
Learning Objectives:
• Recognise the place for equity release in later life.
• Understand the options that might be applicable where a care or other need arises.
• Discuss the wider options for accessing property equity in later life.
CPD: 45 mins