Inheritance for children is extremely important for many families and some people believe releasing equity means there will be no inheritance left for their children. However, this is not the case and many equity plans can leave you with plenty of inheritance left for family members.
By using a protected lifetime mortgage for a portion of your property, you always have the opportunity to leave an inheritance.
Using plans with an inheritance protection guarantee allows you to protect a percentage of your home’s value. This can then be given to loved ones once you pass away. The portion that you choose to protect can be passed to any beneficiaries when the house is sold, no matter what value is remaining of an outstanding loan.
Furthermore, as an example, a couple with £100,000 to release may want to leave an inheritance to grandchildren of £60,000, 60% of the available amount. This gives you 40% of the property’s future value protected for inheritance.
It is also important to note that when choosing a plan with inheritance protection, any additional equity you release will reduce the amount of inheritance available. To add to this, with a number of lifetime mortgages available, we can always discuss the plans that contain inheritance protection.
In addition to inheritance protection, equity release also gives the option of living inheritance. This allows to provide money for loved ones much sooner, often so you can enjoy the experiences with them, rather than leaving inheritance at death.
We can always organise a consultation with our clients to discuss the potential plans for your needs, including which plans offer both protected and living inheritance. Make an enquiry and call us on 01268 799211 or fill in our contact form today.