What can equity release do for you?
We hear of many over 55s nowadays who, although they own their own home, are struggling to make ends meet or to have any quality of life. Due to the current economic climate, income from pensions and savings is not sufficient to cover even the basic needs.
What is equity release?
Equity release is a way of converting part of the value of you home into cash. It is only available to people of 55 years of age or over. You are free to use the money as you choose, and you can remain living in your home for as long as you wish. With some schemes you can even move home.
Spend your retirement spending
Lifetime Mortgage Schemes
With lifetime mortgage schemes you take out a loan based on the value of your home. This loan is secured against your home, and releases a tax free lump sum. There are no monthly repayments, as the interest is added to the loan. The loan is only repaid when your home is sold or if you move into long term residential care. Sometimes the loan is flexible, so you can draw down amounts at different times.
Home Reversion Schemes
Under this arrangement you sell the whole or a part of your property to the equity release company. You can live in your home for as long as you wish. The property is sold when you die, or move into long term residential care. The equity release company receives a share of the proceeds in proportion to the percentage of the property you sold to them.
Home Income Plans
This type of scheme is similar to the lifetime mortgage scheme but, instead of receiving the loan by way of a lump sum, the loan is used to purchase an annuity that gives you a regular guaranteed income.
Experienced equity release manager
Michelle Baker, our equity release manager, has over nine years of experience and is able to give specialist advice to older home owners looking to release equity from their homes.
We will ensure that you are fully advised on all implications of equity release, as well as the possible alternatives, to make sure that it is the right choice for you.
Thereafter we aim to ensure that your equity release transaction goes through as smoothly and as quickly as possible.
Telephone: 01245 351 924
Fax: 01245 492 428
Address: 70-72 New London Road, Chelmsford, Essex CM2 0PE
DX: 3305 Chelmsford