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Equity Release Advisors & Lifetime Mortgages
No fuss, no hassle, just Simple, Smart Advice.
Equity release refers to a range of products that lets you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum, in several smaller amounts, or a combination of both.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Is Equity Release Right for You?
At Later Life Money, we ensure that any decision you make is your own and is best suited to your circumstances at the time of arranging the plan. If you are a homeowner over the age of 55 and want to clear some debts, make some much-needed home improvements, go on the holiday of a lifetime or even help family members with a house deposit, equity release may
be the right product for you.
We welcome and encourage your loved ones’ involvement throughout the process so you can assess whether equity release is the right decision for you and your family. We like to handle things face-to-face so we can understand your situation and provide the best service possible.
Is a secured loan right for you?
Whilst there are no restrictions on what you can use the released funds for, people typically use them for one or more of the following reasons:
The holiday of a lifetime
Helping or treating family
Paying off outstanding debts
Repaying an existing mortgage
Buying a new car, caravan or holiday home
An equity release plan may sound like the service for you, but we advise that you read some of the advantages and disadvantages below before you make a choice:
You can continue to live in your own home, rent-free, for the rest of your life or until you move into permanent residential care.
The ‘no-negative equity guarantee’ means that you will never have to repay more than the value of your home, and your estate will never owe more than the property's worth when sold.
You can use the tax-free cash you release for anything you like, from home improvements, clearing a mortgage or debt to the holiday of a lifetime.
With some plans, there are no regular payments to make- the option is yours.
The flexibility of modern equity release plans means that you can release the money as a lump sum or a lump sum with a drawdown facility.
The value of your estate will reduce, and the amount you can pass on as inheritance via your estate will therefore also decrease.
Your entitlement to certain state benefits may be affected.
If you wish to repay or end the plan early, there may be financial penalties in doing so.
Some lifetime mortgages can be paid back with compounded interest, meaning that over the longer term the amount you owe can grow quite quickly.
You should always consider alternatives. Equity release is just one possible option for acquiring tax-free money from your home; downsizing or taking on a lodger are two further options.
Take a look at our most frequently asked questions around applications.
How much equity can I release?
This varies based on your circumstances, age, property value and plan
Are there any fees?
There are fees for valuation, arrangement, your solicitor and advice.
Will I pay tax on the cash released?
No, any cash released is tax free.
Would this affect my tax position or state benefits?
Depending on your personal circumstances, these could be affected so please discuss matters with your equity release adviser.
Take a look at our most frequently asked questions around money.
Do I still own my home?
Yes and you live there until you move into long-term care or pass away.
Can I move?
With a portable plan, you can take the plan with you if you move.
Can I end my plan early?
Some plans allow you to repay the whole loan and interest – please note there may be an early repayment charge which can be expensive
Can I borrow more if my property value increases?
Depending on your plan, you may be able to borrow more based on lending criteria and interest rates – a new valuation will be needed.
Take a look at our most frequently asked questions around repayments.
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