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WHY RELEASE EQUITY?

Retirement is a time to enjoy the benefits of our working life. It’s a time to enjoy extended holidays or doing the things that make us happy. We are all living longer these days which is no bad thing, but the downside is that we have to make our money last longer. In the past this has meant we have had to avoid doing the things we enjoy, simply to make the finances last. We can’t rely on our pensions providing enough to carry on the lifestyle we are used to.

Release money tied up in your property with lifetime mortgages.

Lifetime mortgages is a kind of equity release scheme which allows you to have financial freedom by releasing equity from your home to spend as you see fit.

We only offer lifetime mortgages which are approved by ERC (Equity Release Council). The Equity Release Council is the trade body for the industry and its focus is to make sure that all products are accessible and safe for all customers. They insist that products must include certain guarantees as a minimum. For example, products must give you, the borrower, right of tenure in their home for life. They must give the client the choice to move home, subject to certain criteria, and must guarantee the loan can never exceed the value of the property which it is secured against. To further safeguard applicants, any person taking out such a plan must obtain impartial legal advice from their solicitor before advancing. Equity Release is now fully regulated by the financial watchdog, the Financial Conduct Authority. This means that every equity release scheme we propose must meet the strict standards set by ERC to your safety. ERC approved schemes will guarantee that you:

• Will stay in your property for life, if the property remains your primary residence.
• Will never descend into negative equity. This means you will not owe more than the value of your home and no debt will be left to your estate.

As independent advisers for lifetime mortgages schemes, Release My Equity can advise you on the greater details of lifetime mortgages and equity release.

You can also use our Equity Release calculator to see how much you could release from your home today. If you would like to discuss this further please give us a call on 01204 884545 or fill in the form on this page, and we will call you back.

Equity Release Calculator

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Why release equity from your home with lifetime mortgages?

Retirement is when you should be able to relish the benefits of your working life. A time to enjoy extended holidays, slow down to a leisurely pace of life, relax and enjoy things that make us happy. We’re an ageing population, where people are living longer than they were 50 years ago. Whilst this is great news and gives us longer to enjoy our retirement, the dominating issue is that our money now has to last much longer.

State pensions certainly don’t provide us with sufficient income to maintain the lifestyle we’ve become accustomed too, leaving many people with no choice but to put off the things they were waiting to do when they reached retirement, just to ensure their finances last.

The good news is that by releasing money from your property with lifetime mortgages schemes, you can relish retirement without any added financial pressure.

Lifetime mortgages allow you to have financial freedom by releasing equity from your home to use as you wish.

There are several plans which we would talk over with you to best advise what would be suitable to your needs. The most common reasons that people release money from their home are listed below. This list isn’t exhaustive and you can use the money for anything you like:

·         Home improvements e.g. conservatory, extensions, garden improvements
·         Clear mortgage debt, loans and credit cards
·         Purchase a holiday home or 2nd property
·         Gifts to your children for a house deposit
·         Maintain or improve your lifestyle income
·         Buy a new car or caravan
·         Reduce any potential inheritance tax liability
·         Afford life’s little luxuries
·         Pay for private medical care costs
·         Fund care in your home

These are just a few ways that people use funds tied up in their home to enhance their lifestyle. How could the additional cash help you?

Find out more, complete the form on this page or call 01204 884545 to book a free, no obligation initial consultation with Release My Equity today. We can visit you in your home and will spend time with you to ensure you are fully informed on equity release, empowering you to make the right decision for you and your future.

QUESTIONS & ANSWERS

Our Lifetime mortgages advisers are here to answer any questions you may have such as:

.

Equity Release allows homeowners over the age of 55 to release the equity in their homes, but still allowing them to live there for as long as they wish. You can use the money for whatever purpose you like including home improvements, paying off debts, improving your lifestyle, financial security and funding care in the home.

Equity Release is available to homeowners aged 55 and over. Feel free to contact us on 01204 884545 if you would like further details. Alternatively use our Equity Release calculator.

Your home may qualify for a Lifetime Mortgage or a Home Reversion Plan providing it is of standard construction and you live in England or Wales. Lifetime Mortgages are available to residents of Scotland and Northern Ireland.

The amount of equity you can release will depend on the current value of your property and the age of the youngest applicant. Please use our Equity Release calculator to get an estimated figure of how much you could release from your home.

With the Lifetime Mortgage plan you will retain full ownership of your property. With the Home Reversion plan you effectively sell all or part of your home to the lender. We will spend time with you to help you decide which plan best suits your needs.

One of the main benefits of Equity Release is that you can remain living in your home until death or you both move out into a care facility. One of the guarantees that ERC provides (this is an independent organisation that specialises in equity release and sets strict standards to protect customers) is that you will never find yourself in a “negative equity” situation. This means that even if the interest accumulates up to the value of the property, you will never owe more than what your property is worth at the time of sale. We will discuss this in detail with you during our meeting.

With a Lifetime Mortgage you may be able to borrow more at a later date depending on lending criteria at the time. With a Home Reversion plan, providing you haven’t sold 100% of your home in the first instance you will likely be able to borrow more at a later date.

Equity Release is authorised and regulated by the Financial Conduct Authority for both Lifetime Mortgages and Home Reversion plans. All plans offered are regulated by ERC (Equity Release Council). This is an independent organisation that specialises in equity release and sets strict standards to protect customers. All ERC approved Equity Release plans come with a standard set of safety guarantees which include: – Stay in your property for life, as long as the property is your main residence. – Move your plan to another suitable property without any financial penalty, subject to criteria. – Guarantee you’ll never fall into negative equity. This means you will never owe more than the value of your home and no debt will ever be left to your estate.

We aim to offer you a solution that fits your personal circumstances from our panel of lenders. Even so, we recognise that equity release isn’t for everyone. Therefore we will take the time to listen to your needs and concerns and if we think it’s not right for you, we’ll tell you.

Equity Release could effect your family’s inheritance. With this in mind we take great care to ensure you are fully informed at every stage and you may wish to involve your family in the process so that they are aware of the implications. It is possible to guarantee a percentage of your inheritance. We will discuss this with you in detail.