Did you know?
The most common misconception about equity release today is that you have to give up ownership of some or your entire home.
This is not the case.
Well over 95% of our clients elect to take out either a Lifetime Lump sum Only Mortgage or a Drawdown Lifetime Mortgage.
With these two modern plan types, you release a proportion of the equity in your property whilst continuing to own it 100%. This means that you continue to benefit from any increase in your property value in the future.
In addition, most of the plans we sell are ‘portable’ so you can still move home, taking your equity release plan with you. Although there are now many safeguards to protect you the borrower, you should still ensure that you are aware of all the implications before entering into a lifetime mortgage. The following are points to consider:
Because the funds that you release, plus any interest accrued, are paid back from your estate once you pass away, a lifetime mortgage will reduce the value of your estate and the amount that you will be able to pass on to your beneficiaries.
It is possible that the additional funds made available to you through equity release could affect your entitlement to means tested-state benefits
Two alternatives to releasing equity are downsizing to a cheaper property and/or taking in a lodger
Some equity release plans impose an early-repayment charge, so you could incur charges should you wish to pay them off before your death. However, like a standard mortgage, these will vary from plan to plan, reinforcing the benefit of specialist equity release advice before you proceed.
Option 1
Lifetime Mortgages
These plans allow you:
- Lump sum only
- Drawdown option
- Interest servicing
- Optional voluntary partial repayments
Call us for CONFIDENTIAL independent financial advice on 01564 711015
Option 2
Home Reversion Plans
Here, you sell some or all of your property in exchange for a lump sum of money, whilst maintaining the right to remain living in your home, rent-free for as long as you live.
Call us for CONFIDENTIAL independent financial advice on 01564 711015
Equity Release Council Plans
Equity Release Council Plans are completely safe and come with a set of guarantees that act to protect your financial future.
We only recommend Equity Release Council (SHIP) equity release plans, or those, which offer the same set of guarantees.
An Equity Release Coucil (SHIP) approved plan guarantees:
- You will never fall into negative equity
- You can move home whenever you wish (subject to lender criteria)
- Never owe more than your property is worth
- Stay in your home for the rest of your life or a long as you choose
If you have any questions or would like to confidentially discuss your options please call us on 01564 711015 and speak to one of our friendly equity release customer advisers to arrange a free initial, no obligation consultation in the comfort of your own home at a time to suit you with your family present if you wish.
Phones lines are open Monday-Friday 8.30-5pm. Talk to us today about equity release; it has made a substantial difference to the lives of thousands. Why not see how it could make a difference to yours.
Call us for CONFIDENTIAL independent financial advice on 01564 711015