All of the main Equity Release providers will insist that you engage a solicitor to ensure that you fully understand all of the terms and conditions of the plan you choose. An Equity Release plan may be the last big financial decision that you'll ever make, so you'll need to get it right. The solicitor will check that you fully understand the details of the plan and also carry out checks to confirm your ownership of the property. If you take out a Lifetime Mortgage then you will still retain ownership of the property. With a Home Reversion plan, part or all of the ownership of the property will be in the hands of the reversion company. When you take out either a Lifetime Mortgage or Home Reversion plan, assets have been removed from your estate. This could mean that your estate may avoid paying some or all Inheritance Tax ordinarily due. See our special section on Inheritance Tax for some examples.

The next step to consider is The Money!