For those looking for cash in retirement, sometimes downsizing can seem like the only solution. Did you know, though, you could release some of the cash from your home while staying put?
An equity release plan allows homeowners over 55 to access some of the cash locked in the value of their home. There are typically no monthly repayments to make, as the loan plus roll-up interest, is repaid when the plan comes to an end.
Who can take out equity release?
If you are a homeowner aged over 55 and own a property worth over £70,000, you could be eligible for equity release. You could release up to 55% of your home’s value as a tax-free lump sum.
Do I still own my own home?
Yes. With a lifetime mortgage you will always own your home. Also you will never owe more than your home is worth with plans that meet the Equity Release Council standards.
Can we leave our children an inheritance?
Yes, you can. Some plans guarantee that a set percentage of your home’s value, at the time your plan ends, will form part of your estate for you to pass on to others in your will.
What else should I consider?
You should always think carefully before securing a loan against your home. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits. Taking out an equity release plan is a big step, so we always encourage you to discuss plans with your family.
Why choose us?
We are qualified equity release experts, here to help you make an informed decision about your retirement finances.
- We’ll search the entire mortgage market, to find the one most suited to your circumstances
- We can offer competitive rates, high loan amounts and features such as no monthly repayments are available
- We only recommend plans that meet Equity Release Council standards, including the no negative equity guarantee meaning you’ll never owe more than your home is worth
Over 55?
Five ways equity release could help you…
Paying off an existing mortgage
Clearing existing credit cards or debts
Help your children with a financial gift
Easing money worries by helping with regular bills
Pay for home or garen improvements or ensure your home is ready for later life
To find out more or to arrange a free no-obligation consultation, contact us on the details below:
0800 999 3339 | mortgage-partnership.co.uk
Unless you decide to go ahead, our service is completely free of charge as our usual advice fee of £1,495.00 is only payable on successful completion of your mortgage.
