EQUITY RELEASE
Equity Release describes a number of ways in which homeowners aged 55+ can release some of their home’s value (or equity) without having to move and/or downsize and still retain the right to remain living in your own home for the rest of your life.
The money released is TAX-FREE and can be used to improve your life, possibly by; paying off an existing mortgage or bosting your income, or allowing you to travel, make home improvements or even help your family.
All equity release schemes will reduce the value of your estate and may affect your entitlement to means tested benefits. Before releasing any equity, it is important to understand the costs, features and risks and to request a personalised illustration
ONLY JUST STARTING TO CONSIDER EQUITY RELEASE?
Modern equity release schemes are much more; user friendly, flexible, and cheaper than ever with you now being able to choose whether you wish to:
- Pay any interest to avoid the debt increasing or allow it to build up on the debt.
- Take just one single lump sum or request a Drawdown Lifetime Mortgage where you can create a maximum facility but only draw money when required to avoid incurring any more interest than necessary.
- Receive a monthly income instead of one single lump sum which not only improves your income but will preserve more equity in your home.
Many Lifetime Mortgages also now offer you the ability to repay up to 12% of the amount initially borrowed each year without any Early Repayment Charges, or to vary any voluntary monthly repayments.
Should you own your home jointly you may also appreciate knowing that if you suddenly find yourself left on your own due to your spouse or partner dying or needing to move into care, some equity release schemes will now allow you 3-5 years to re-evaluate your future and allow you to repay any debt without penalty.
In addition, all equity release schemes we arrange, meet Equity Release Council standards for safety meaning:
- Â You can remain living in your home for the rest of your life/s
- Â You will have no negative equity guarantee so even if you do not pay any interest, the debt can never exceed the value of your home.
So covered by these safeguards why not discover whether equity release might be right for you by clicking on any of the following:
Or simply call us on FREEPHONE 0800 180 4883
Or do you already have an existing plan arranged some time ago?
If so, it probably has a much higher interest rate than it now needs to.
Did you know – it’s just as easy to switch an old expensive lifetime equity release plan as it is to re-mortgage an ordinary mortgage? With many new schemes offering no valuation or arrangement fees, we could soon be potentially saving you much more of your home’s equity.
Discover just how easily you could switch & save using our equity release re-mortgage service.
EQUITY RELEASE SCHEMES
There are now a number of different equity release schemes to choose from including:-
- Lifetime mortgage equity release schemes where you do not sell any ownership of your home and can release money based solely on age and property value so you can immediately find out how much you could potentially borrow by using our instant and free lifetime mortgage calculator.
You can either choose to pay the interest or simply allow it to be accumulated on the debt. The debt only needs repaid when the last owner dies or goes into care.
- Retirement Mortgages which are ordinary mortgages but for homeowners aged 55+. These can potentially offer lower interest rates and shorter early repayment conditions, but the amount you can borrow is based on income and affordability and will have compulsory monthly repayments will normally be expected to be repaid by a certain age (typically 80-85).
- Retirement Interest Only Mortgages (RIO’s). Like Retirement Mortgages RIO’s will normally restrict the amount you can borrow based on income and expect you to pay monthly repayments but unlike retirement mortgage, you only need to repay the interest and will normally only expect to be repaid upon death or sale of home. However, unlike Lifetime Equity Release schemes they do not offer the ability to just drawdown money overtime or arrange an additional drawdown facility.
- Home Reversion Plans . Unlike lifetime or retirement mortgages, with these schemes, you sell a percentage of your home’s ownership (but still retain the right to remain living in your home for the rest of your life) in return for receiving a lump sum of money which is determined by age and property value.
Due to having to sell ownership these now only account for a very tiny proportion of plans sold and we have taken the decision not to advise on these schemes.
Whether you prefer the idea of roll up Lifetime Mortgage or have the income to consider a Retirement Mortgage, being specialist independent equity release advisers who have been safely helping families release equity from their homes since 2002, we have the expertise to help and would be please to advise you.Â
EQUITY RELEASE ADVICE YOU CAN DEPEND ON
Whether you prefer the idea of roll up Lifetime Mortgage or have the income to consider a Retirement Mortgage, it is crucial you receive specialist equity release advice.
Indeed, as part of the Equity Release Council’s safeguards, no lender will allow you to take out a Lifetime Mortgage without first receiving specialist equity release advice from a qualified adviser.
We have been safely helping families release equity from their homes for over 19 years and are totally independent and able to arrange on all Lifetime equity release schemes or Retirement or RIO mortgages, so should you want to release equity we have the expertise to help and would be pleased to help you achieve your dreams.
We research and arrange the most suitable equity release or retirement mortgage for you from a wide range of lenders including:
