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Equity Release
"No longer the option of last choice"
What is Equity Release?
Equity Release is the means of releasing equity (cash) from the value (less any outstanding mortgages or charges) of your home.
You need to be aged 55 or older and own your home which must be valued at £70,000 or more.
Equity Release had a bad name in the past but with the advent of the Equity Release Council and their principles, today's plans have safeguards and guarantees built in.
Today. there are two main types of Equity Release. They are:-
Lifetime Mortgage
With this scheme the lender agrees to advance you a lump sum or income which
is repaid when you die or move into a care home.
You retain ownership of your home and when sold, the loan plus any accrued interest is repaid to the lender and the remainder is retained by you.
This is a lifetime mortgage. To understand the features and risks please ask for a personalised illustration. A Lifetime Mortgage will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits.
Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
Home Reversion
With this scheme the provider buys part or all of your property in exchange for a lump sum or income and you retain a legal right to remain in your home for your lifetime or you decide to move.
At this time, the property is sold and any proportion not owned by the provider is retained by you.
This is a home reversion plan. A home reversion plan will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits.
We do not offer advice on Home Reversion Plans.
Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.
Our Fees for Equity Release advice
The initial consultation is at our expense,
If you decide to proceed with our services, our fee is £995, payable on completion of the Lifetime Mortgage..
All fees will be agreed between us before commencing any chargeable work.
Interested? Have a question? We’re here to help!
We want to know your needs exactly so that we can provide the perfect solution. Let us know what you want and we’ll do our best to help.