Equity Release Retirement Income

Are you just about to retire and face a much lower pension retirement income than you expected?
or
Are you already retired and struggling to make ends meet on your current retirement income?

If the answer to either is yes, providing you own your own home and are at least aged 55 (or if you are a member of a couple, the youngest person is 55) you may be glad to know that equity release schemes can provide you with some much needed extra retirement income by releasing some of the equity tied up in your home, without the need to move.

Whilst property prices have fallen recently, if you have lived in your current home for quite some time, you may be surprised at just how much it has gone up over the years. Partly for this reason and partly because it may be difficult for you to move at present, considering equity release is one logical option to letting your home help you through their retirement period.

Regulated equity release plans come in many shapes and forms, (see types of equity release schemes) but the idea is basically the same.  You either take out a loan secured against your home (Lifetime mortgage) or you sign over part or all of your home's legal ownership (Home Reversion Plan), in exchange for a lump sum or an income for life.  In doing so you also get a  cast-iron right to live in your home for the rest of your life rent free, and the reassurance that you and your family will never suffer from negative equity when the property is sold on last death or need to move into permanent Long Term Care.
This income can either be provided for life (such as a home income plan or monthly income version of a Lifetime Mortgage) , or by giving you either a regular retirement income for a set number of years as is the case with a regular income scheme Home Reversion Plan or a set pot of money from which you can continue to draw until it becomes exhausted,  as offered by a Drawdown version of a Lifetime Mortgage .

However, equity release schemes may work out more expensive than other alternatives such as downsizing to a smaller property and may affect your 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.

To find out more about how equity release could work for you click here or to check to see just how much you could raise click here. Alternatively complete our online enquiry form and one of our consultants will call you back as soon as possible or call us on FREEPHONE 0800 970 4883 to discuss your requirements further.

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The equityRelease Centre is a trading style of Advice on Money which is an appointed representative of Sesame Ltd, which is authorised and regulated by the Financial Services Authority. Sesame is entered on the FSA register (www.fsa.gov.uk/register/) under reference 150427. The Equity Release Centre. 8a Richfield Avenue, Reading, Berkshire RG1 8EQ

For researching and arranging the best scheme for you, we will charge a fee on completion usually 1.5% of the amount released or facility arranged with a minimum of £795.

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