Originally equity release was designed for older people who wanted to increase their income in retirement by releasing some of the equity tied up in their homes without downsizing.
The equity release market is very competitive with lenders bringing out more initiative products that can offer more flexibility than before.
These new products still offer the tax-free lump sums. The money can be used whichever way you chose. This could be to pay off and existing mortgagee or debts, to fund home improvements to make staying in your own home easier or to pay for private medical treatment. Some will pass the money onto the family to help them get onto the property ladder.
What needs to be considered with equity release?
Equity release is a long-term commitment and needs to be considered carefully. Options such as moving to a less valuable property and ensuring that you are aware of all the help that the state can provide needs to be considered.
If you have family telling them what your plans are is always helpful and encouraged.
To apply for equity release you need to be a homeowner and be aged fifty-five plus.
Two types of equity release.
Equity release is the umbrella term that covers both-
Home Reversion schemes
To find out more about the difference you can find a fuller explanation on our website. In reality, few people apply for Home Reversions scheme loans, with most opting for Lifetime Mortgages. Many feel that Lifetime Mortgages offer more flexibility and allow them to benefit from any increase in the value of their home.
How we can help you with equity release.
At Anstee & Co we have specialist financial advisers that have pass additional professional exams allowing then to offer unbiased advice on equity release. Being independent allows us to look at all the options that are available.
Meetings can be arranged at your home or at one of our offices. Evening and weekend meetings are available to make it easier to include if you wish to include members of your family in these meetings.
Our offices are located at-
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- Birmingham, West Midlands
- London, Greater London
Our advisers also live and make use of meeting rooms in Worcestershire and Bedfordshire.
The first meeting is free and without obligation so contact us today to arrange a meeting.
Entering into an equity release plan could change your life for the better, but as it is a long-term financial commitment, It is vital you take professional independent advice. Anstee & Co are Independent Financial Advisers and members of The Equity Release Council. We are registered with the Financial Conduct Authority.
This article has now been updated.