If I take out an equity release plan will it affect entitlement to State benefits?
Yes it can. State benefits are a complex subject so we would recommend that you consult the Benefits Agency, Citizens Advice Bureau or Local Authority before taking out any equity release plan to check you entitlement. We would advise this because if you are not already getting any means tested State benefits, should you be entitled, it could prevent you even needing to take out an equity release plan or if you are already getting benefits taking out an equity release plan could affect your ability to continue to receive them.
It does however, only potential affect entitlement to means tested benefits such as Pension Credit, Income Support and Council Tax. It does not affect your State Pensions nor Disability benefits such as Disability Living Allowance (DLA) or Attendance Allowance (AA).
The possible effect on benefits is something our adviser would consider in our initial free home consultation. Our adviser is experienced in assessing possible entitlement to state benefits and discussing whether equity release would be right for you. If you would like to benefit from a professional free initial discussion, please complete our online enquiry form.