How Equity Release Works
Equity release plans are available for homeowners aged 55 and over to release the tax-free cash tied up within your home. By opting for an equity release plan, you do not need to move out of your home, and depending on the plan you opt for, there are a variety of repayment options.
Lucy will explore your current circumstances to determine if Equity Release is right for you and the amount of money you may be able to release, taking into consideration the value and age of your property.
A Lifetime Mortgage will reduce the value of your estate and may affect your entitlement to means-tested benefits and tax status.
The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest was 7% a year, a £50,000 loan would double to £100,000 after 10 years assuming no repayments are made.
This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline
How can a Mortgage Adviser help?
Professional Solutions Financial Services have a dedicated adviser on hand who can provide clear information and guidance on what Equity Release options are available to you, giving recommendations and planning for your next steps. Peter is our specialist adviser and he can discuss your options in relation to your current circumstances, and can offer equity release schemes from a panel of providers.
He will support you throughout the process, providing guidance and understanding to find the plan that works for you.
There are a number of options available and Peter will be able to create a personalised plan for you to meet your needs and suit your current circumstances.
Our personalised approach ensures simplicity, choice and expertise.
You will need to take legal advice before releasing equity from your home as Lifetime Mortgages and Home Reversion plans are not right for everyone.