Equity Release is a term given to schemes that help homeowners aged over 55, release some of the capital tied up in their home without the need to take out a traditional mortgage or move. As most specialist equity release schemes do not require any monthly repayments, it can help you make life more comfortable.
Would you like to ease your financial worries
and make retirement more enjoyable?
Well if you own your own home and you (or the youngest if you jointly own the property) are over 55 Equity Release may be able to help.
| What would you like Equity Release to do for you? |
| Allow you to get more out of life |
 |
| Help your family / children |
|
| Help to reduce your debts |
|
| Produce a larger income |
|
Unlike other mortgages, roll up Lifetime mortgages have been largely unaffected by the credit crunch and we have many very competitive deals to help you, all carrying the Safe Home Income Plan guarantees and offering you the following reassurances:
- No need to sell your home
- No need to make monthly repayments unless you want to
- Guaranteed right to remain in your property for as long as you like.
- No negative equity guarantee – so the debt on a lifetime mortgage can never exceed what you can sell your home for on death or need for Long Term Care.
However Equity Release schemes may work out more expensive than alternatives such as downsizing to a smaller property and may affect eligibility for state benefits and grants.
“Equity release” includes home reversions plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.
A helpful guide to terms used
Lifetime mortgages – These are an equity release schemes where you obtain a loan secured against the value of your home, but where you do not normally have to make any monthly repayments. Instead the interest charged is compounded on the amount borrowed and you only repay the loan plus accumulated interest when you die (or in joint cases - the last one of you dies) or sell the property. Under a lifetime mortgage the property still remains yours - you do not sell any legal ownership.
Home Reversion Plans – With a Home Reversion Plan you release equity by selling part or all of your property’s legal ownership to a provider in return for either an immediate lump sum or income and a lifetime right to remain living in your property. You can sell up to 100% of the value of your property but in return you will only receive a discounted sum of money.
