Your home may be re-possessed if you do not keep up repayments on your mortgage.
If you own your own home and are 55 or over an equity release could provide you with a lump sum or additional income to help improve your standard of living in retirement, without the need to make monthly repayments.
Equity release allows you to free up some of the equity within your home, without having the stress of selling up and moving... you’ve worked hard for your home, now you can make it work hard for you.
There are two main types of equity release:
- Lifetime Mortgage
- Home Reversionary Plan
With both these different types of equity release you are able to remain in your property while releasing cash for whatever reason you require it, whether it be a once in a lifetime holiday, making improvements to your home or simply to make your retirement more comfortable.
With a lifetime mortgage, you take out a loan secured on your home which does not need to be repaid until you die or go into long-term care. It frees up some of the wealth you have tied up in your home and you can still continue to live there.
Home Reversion Plan
With a home reversion, you sell all or part of your home in return for a cash lump sum, a regular income, or both. Your home, or the part of it you sell, now belongs to someone else. However, you’re allowed to carry on living in it until you die or move out, paying either no rent or just a token amount.
Taking out an equity release is a major decision, which is why it is important for you to seek professional financial advice. Should you wish to find out more about potentially releasing some of the equity in your home then get in touch and we will arrange for an adviser to provide the advice you need.
We understand that taking an equity release is an important decision, which is why we will ensure you receive the following services to help you with this decision:
- An initial telephone conversation with a fully qualified adviser
- Should you wish to find out more then we will always arrange for a face to face meeting with your very own dedicated adviser
- During these meetings you will be provided to all the information require, on both types of equity release, as well as advice into which will best suit your needs
- Access to a range of carefully selected providers of equity release plans in the UK.
Contact us today to find out how you could make your retirement more enjoyable...