Equity Release

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 rate 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.

Equity release services are referred to a third party. Neither Mortgage_Solutions or PRIMIS are responsible for the service received.

What Is Equity Release

Equity release is available to those aged 55 and over, proving to be a financial lifeline for those living in properties that may be worth hundreds of thousands of pounds but with insufficient income.

More and more people are using equity release to, pay down debts, boost their income, help enjoy a comfortable retirement or plan capital expenditure.

Moving home can be a stressful and expensive process at any age. Many people would prefer to stay put and benefit from the ‘equity’ or value tied up in their homes, and equity release schemes allow them to do that.

There are two main types of plan available to homeowners aged 55 and over: Lifetime Mortgage and Home Reversion.

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Lifetime Mortgage

With a Lifetime Mortgage, a loan is taken out on the property to provide a lump sum, an income or a combination of the two. No interest is payable until the home is sold, which could be when you and your partner have both gone into long-term care or died.

A Lifetime Mortgage with a drawdown facility allows you to take the cash in stages, as and when suits you. This gives flexibility and the reassurance that you can access further funds at some point in the future, should you need them. It is more cost-effective, as interest is only charged on funds when they are drawn down.

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Want to know more?

To find out more;
Call us on 0203 150 0882
Email us at matt@wheremoneymakessense.com