Equity Release
Lifetime Mortgages
Need a lifetime mortgage? You just need to be over 55 and own your own property....
Use the contact form opposite and we will call you with how we can help.
EQUITY RELEASE
Are You Over 55; Own A Property and Want To Be Able to Release The 'Equity' In Your Home?For example, you may be looking for extra monthly income or a cash lump sum, for a new car or round the world trip.
A Lifetime (or Equity Release) Mortgage could provide you with the freedom of choice you're looking for. What is Equity Release? Equity Release is generally used to describe both Lifetime Mortgages and Home Reversion plans.
A Lifetime Mortgage, often known as an Equity Release Mortgage, is a product that has been specially designed for home owners over the age of 55 who are looking to increase their quality of life, by releasing equity from their home.
In order to help you to release the equity in your property, an adviser will source the right product for you. This could be in the form of an Equity Release or Lifetime Mortgage, or a Home Reversion Plan, depending upon which best suits your needs.
After an adviser has talked things through with you, he/she will provide you with a Personalised Illustration and a full report, which will clearly show the options that are open to you and the important considerations.
What's Right For Me?
To be honest, at this stage we genuinely cannot say, as we would ask a qualified adviser to look at each application and assess which product would best fit a particular individual, or couple.
From your initial FREE consultation, an adviser would be able to advise you accordingly on whether a Lifetime Mortgage or an Equity Release would be of most benefit to you. Contact us for a free information pack by completing 'Call me back' form on the left.
PRODUCTS
There are 2 main types of Equity Release products
Lifetime Mortgages
A Lifetime Mortgage is a loan secured against your main residence which gives you either a lump sum or a regular income. In a lot of cases, there are NO monthly payments to meet. Instead, the interest is rolled up with the loan and the whole amount is only repaid when you sell the property or when you die.
You can typically borrow between 20% and 60% of the value of your home.
The loan can be used to repay existing debts, to increase your income, to cover the cost of home improvements, to pay for the trip of a lifetime or any combination of these. Lifetime Mortgages are often ideal for people who are asset rich but income poor. Although you may be reducing the inheritance for your children or beneficiaries you will be improving your quality of life.
You still own your home and will be protected by a 'no negative equity guarantee'. This means you will never owe more than the value of your property.
Home Reversion Schemes
A Home Reversion company buys part or all of your home. Typically you will get between 35% and 60% of the market value. The older you are the more you are likely to get.
This lump sum can be used to repay existing debts, to increase your income, to cover the cost of home improvements, to pay for the trip of a lifetime or any combination of these.
You retain the right to continue living in your home completely rent free. The Home Reversion company cannot sell your home until you die or move out, normally into a care home.
What do I do now?
Use the contact form opposite and we will talk you through the process.
Disclaimer:
This is a lifetime mortgage, to understand the features and risks ask for a personalised illustration.
Advice in this area is provided by Thinc Group Ltd Ltd, which is authorised and regulated by the Financial Services Authority.