Equity release is a financial product that allows homeowners to access cash from their properties. The funds received are tax-free and can be used for various purposes such as improving retirement, settling debts, or assisting family members.
To qualify, you must be at least 55 years old and own a property valued at a minimum of £75,000. Eligibility criteria may also consider factors like age, health, and property value.
Our team of experts can guide you through the process and determine if this option suits your needs. Contact us to schedule a consultation with one of our trusted partners and explore your possibilities today!
There are two options available for older borrowers looking to release equity in their home: a lifetime mortgage or a home reversion plan.
With a lifetime mortgage, you can borrow against the equity in your home while still retaining ownership. The loan is repaid only when the property is sold. Alternatively, a retirement-interest only mortgage allows you to maintain more equity in your home by making repayments.
On the other hand, a home reversion plan involves selling part or all of your home at below market value in exchange for a lump sum or regular payments. As a co-owner, you can continue living in the property, provided you are over 65 years old.
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effectively enhance your financial situation during retirement by
consulting with our team of authorized professionals.
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A lifetime equity release mortgage allows you to access the equity in your home by taking out a loan against it. Despite borrowing against your property, you still retain ownership and the loan is only repaid when the property is sold. The funds you receive are completely tax-free and can be utilized for a more comfortable retirement, debt clearance, or supporting your loved ones.
All equity release schemes are regulated by the Financial Conduct Authority (FCA) and overseen by the Equity Release Council (ERC). You can continue to reside in your home, and in the event of your or your partner’s passing or admission to a care home, the surviving partner can also remain in the property.
1. It is crucial to ensure that the mortgage you choose aligns with your future plans, such as moving, selling your home, or passing it on to your family. If you have any doubts, it is advisable to seek professional advice.
2. An equity release product will decrease the overall value of your estate. It may not be suitable for everyone and could potentially impact your eligibility for state benefits. To fully understand the features and risks involved, please request a personalized illustration. Additionally, please be aware that there is a fixed fee of £995, which must be paid upon completion.
3. Opting for a Lifetime Mortgage will also reduce the value of your estate and may affect your eligibility for means-tested benefits and tax status.
4. If you choose not to make monthly interest payments on a Lifetime Mortgage, the outstanding debt can grow rapidly, resulting in a decrease in the value of your estate. As an example, if the interest rate is 7% per year, a £50,000 loan would double to £100,000 after 10 years, assuming no repayments are made.
5. It is important to note that the above example is for illustrative purposes only. To receive personalized advice and recommendations, it is strongly recommended to consult with a qualified professional. Additionally, it is advisable to register a lasting power of attorney, which will allow someone else to manage your affairs in the event of a significant decline in your mental abilities.
We are pleased to present you with an opportunity to meet one of our reliable partners. Our trusted associates provide exceptional Equity Release services, which are outsourced to them.
© 2024 By EcMortgage. EC Mortgage Solution Ltd is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655. EC Mortgage Solution Ltd is authorised and regulated by the Financial Conduct Authority, FCA Number 974789.
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