By John Cossons, Equity Release Adviser.
When I first talk to clients about equity release they generally have three main concerns.
1.I don’t want to lose ownership of my house.
Taking out a Lifetime Mortgage does not affect the ownership of your home. The property remains yours and the mortgage, plus any accrued interest, only needs to be repaid once the property stops serving as your primary residence. If it is a joint mortgage this will be when it stops serving as a primary residence for both of you.
2.I don’t want to end up owing more than the value of my home and leave my next of kin a debt.
The ‘No Negative Equity Guarantee’ available with all Equity Release Council approved lifetime mortgages, ensures that your estate will never owe more than the value of your property. Once the property ceases to be your primary residence and is sold, the sale proceeds are used to pay off the Lifetime Mortgage. Any interest that you have chosen to roll up. Once the loan has been repaid, any remaining funds will be paid to you or to your estate based on the instructions in your Will. In the unlikely event that the property sells for less than the amount of the loan, the remaining balance will be written off.
3.I am concerned that I won’t be leaving my next of kin any inheritance at all.
The guaranteed inherence option offered by some lenders will ensure that your chosen percentage of the future value of your home will be protected. This will allow you to release some equity now. This may be to repay debt, help with your income or family matters and still leave a chosen percentage of the sale proceeds of your house to your next of kin.
If you would like to find out more about Equity Release.
If you would like to contact me I will be more than happy to see if equity release is right for you. It is not right for everyone and other options may be more appropriate. You need to be 55 years old or older and own your own property.
Meetings can be at a time and location that is convenient for you. This could be at your home. You may wish for members of your family to attend the meeting as well.
I also work from the following Anstee & Co offices-
- Kettering, Northamptonshire
- Stamford, Lincolnshire
- Birmingham, West Midlands
- London, Central London
Why not contact me today to arrange a free initial meeting.
I am a member of the Equity Release Council. Remember, equity released from your home will be secured against it.