Learn more about equity release, are you eligible, and if it’s right for you?
But the biggest question we often get is, ‘What actually is
Equity Release?”
Equity release is a way to access the funds that are tied up in your property and to enrich your retirement or help your family.
Many people consider equity release to fund spending in retirement, help family, or repay a regular mortgage or debts.
A lifetime mortgage is a loan secured against your home that only needs to be repaid when you have passed away or moved into long-term care.
With a lifetime mortgage you have the option to take the funds as a lump sum or defer some of the monies for when they are required.
There are also plans called an interest only lifetime mortgage if you want to make fixed monthly repayments.
A home reversion plan requires you to relinquish ownership of your home, or part of it, but you retain the right to live there (subject to the lenders terms and conditions) for as long as needed.
In return you will receive a cash lump sum, a regular income or both, depending on your requirements. These plans are only currently available to you if you are aged 70 and over.
The main difference between a Home Reversion plan or a Lifetime Mortgage, is around ownership of the property. With a lifetime mortgage you retain 100% ownership of the property whereas a home reversion plan requires you to sell part or all of your home to the provider.
Access our useful tools available to for you to help plan your equity release journey.
Equity release is a regulated product, and we are required to undertake a fact-find to ensure that you qualify for equity release and determine if a plan provides you with the right solution to meet your needs and circumstances. A fact-find is basically an exchange of information.
Having completed a fact-find we can then undertake whole-of-market research, to determine which provider can offer you the most suitable plan to meet your individual circumstances and provide you with the best possible outcome.
Having completed our research and issued you with our recommendation pack, we will then undertake our advice presentation meeting. During this meeting we will talk you through the recommendation, explain why we believe the recommendation is right for you, confirm your understanding and answer any further questions that you may have.
We will review your plan annually to ensure that it is still providing you with the best possible outcome, or sooner if your circumstances have changed and you require any further advice.
If you gave a question about Equity Release, how we can help, or you’re ready to plan your next steps. Please get in touch.
