Equity Release

 

Taking equity from your home is a big decision and one that should not be entered into lightly.  You should always consider the many alternatives to Equity Release and always seek professional advice.

 

You are required to be over 55 and own your own home. It enables you to release cash from the value of your home without the need to sell it.

 

I am an independent Equity Release adviser that aims to help, support, advise and provide you with all the information you require to make the right decision, in a friendly and professional manner. I also identify the best deals that are available to you from across the market. I offer a no obligation initial consultation at a day/time convenient to you. Please call 07718 278910 or alternatively, go to the contact tab to arrange your appointment.

 

You may wish to raise funds to have money to help supplement your retirement income to make life more comfortable, for a holiday of a lifetime, home improvements/adapting your home, debt consolidation to clear debts or a mortgage, to buy a holiday home, a new car or to help out the Children or Grandchildren.

 

Whatever you are raising funds for you can live in the property until you either go into long term care or pass away. This is when the property is sold and the loan is repaid and any remaining capital is returned to you or your estate.

 

 

 There are two main types of Equity Release.

 

Lifetime Mortgages

A type of mortgage that allows you to borrow money against the value of your home like a traditional mortgage, but you are not required to make monthly repayments. The amount you owe “rolls up” with interest and is repayable when you go into long-term care or pass away. Some Lifetime mortgage companies do allow you to make interest payments or partial repayments if you wish to. They normally offer a negative equity guarantee which means you will never owe more than your property is worth.

Home Reversion

A Home Reversion Plan will provide you with a tax free cash lump sum (or regular payments) and a lifetime lease, guaranteeing you the right to stay in your property rent-free for the rest of your life.

 

Both plans can provide you with lump sum cash, a monthly income, or both if needed. Equity release schemes are normally more expensive than traditional mortgages.

 

The following link will take you to a Equity Release guide which you may find useful.

 

File: MASEquityReleaseGuide.pdf

 

 Lighthouse are proud members and uphold the principles of the Equity Release Council.

 

Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.

 

Equity release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate.

 

Check that this mortgage will meet your needs if you want to move or sell your home or want your family to inherit it. If you are in any doubt seek specialist advice.