The issues surrounding pensions may affect us all, but it is already a very real and daily challenge for the many retired Britons who manage on a small pension and limited savings. However, many retired people are also living in properties which over time have substantially increased in value. In simple terms, equity release is a way of releasing some of that value from a property, to spend as you wish. These schemes essentially allow you to borrow money against the value of your home, with the debt being repaid from the sale proceeds after your death.
There are various types of equity release scheme including lifetime mortgages, home reversion plans, interest only mortgages and home income plans. These have different benefits and drawbacks and varying degrees of complexity. Arranging an equity release plan is a major step and making the correct choice is vital as some schemes may erode the remaining equity in your property to the point there may be no equity left to pass on to your heirs, whilst others may affect eligibility for state benefits and grants. Add to this the fact that some types of schemes cannot be undone once in place, and that in many cases your house may not only be the most expensive asset you own, but that it is also your home, and the need for professional advice is absolutely essential.
At Coast to Coast, we have the specialist Chartered qualifications, expertise and experience that enables us to provide personalised independent financial advice for your individual equity release needs, no matter how complex they may be. By carefully analysing your current situation, and considering all the possible alternatives, we can then make the equity release planning recommendations that are right for you.
Please note we offer a free initial consultation without obligation.
Equity Release includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.
For equity release we can be paid by commission, or a fee of usually 1% of the loan amount.