largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on

Size: px
Start display at page:

Download "largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904"

Transcription

1 largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on

2 CONTENTS What is equity release?... 3 How much money could I raise through an equity release?... 4 What can I use the money for?... 4 How long will it take to get my money?... 4 Am I eligible for an equity release?... 5 Does an equity release make sense for me?... 6 Which alternatives are open to me?... 6 From which equity release plans can I choose from?... 6 Lifetime Mortgages Explained... 7 Home Reversions Explained... 9 Which equity release plan is best for me? Are equity releases regulated? What advice can I expect to receive? How much will an equity release cost me to arrange? What happens if the lender collapses? Can an equity release affect my benefit status? Can an equity release affect my inheritance tax (IHT) status? Will I still be able to leave an inheritance? Could I lose my home? What happens to my partner or a dependent when I die?...14 Can I move into another property? What is the next step I should undertake?

3 Retirement A period in our lives when we anticipate having the time and freedom of choice to do what we want to. And so it should be. But the vision of the ideal retirement is often very different. The concern about having enough liquid funds is ever present. Equity release offers a way to release cash from your home to use for anything you choose, without having to move. Taking out an equity release plan is a long-term commitment and a major financial decision. It should not be taken lightly. Obtaining independent specialist advice and assistance is essential. Largeequityrelease.com, a trading style of largemortgageloans.com Ltd, is an independent mortgage broker, regulated by the Financial Conduct Authority (FCA), with extensive experience in equity release plans. Our advisors can help you assess if an equity release is right for you or not. If so, they can guide you through the process of identifying and arranging a plan, which truly meets your own individual needs and circumstances, enabling you to enjoy retirement as you should carefree. WHAT IS EQUITY RELEASE? The equity in a property is the difference between its value and any mortgage, or other debts, held against it. Equity release is the term given to making some, or all, of this value in your house available to you in cash while you continue to live in it. Equity release plans involve borrowing against, or selling all or part of your home. Equity release is not the same as an equity withdrawal, through which you can obtain money by re-mortgaging your home. An equity release is also not the same as a sale-and-rent-back, whereby you sell your home to a landlord or a property company and rent it back from them. 3

4 HOW MUCH MONEY COULD I RAISE THROUGH AN EQUITY RELEASE? The amount of money you can raise through an equity release is determined by a number of factors. These include: THE VALUE OF YOUR PROPERTY YOUR AGE AND HEALTH YOUR STATUS YOUR CHOICE OF LENDER AND EQUITY RELEASE PLAN Releases generally range from 15% to 55% of the value of a property. Usually the older you are,the greater the cash sum you can release. Single people can generally release more than couples. You can usually release a larger sum with a home reversion compared with a lifetime mortgage. WHAT CAN I USE THE MONEY FOR? You can use the cash you receive from an equity release as you wish. For example to: Provide you with an additional regular income; Repay any existing debts you may have; Make repairs and/or improvements to your home; Cover home care and support costs; Help dependents, or pass on an early inheritance; To enjoy retirement by paying for expenditures such as cars, holidays, etc HOW LONG WILL IT TAKE TO GET MY MONEY? On average it can take around 8 to 12 weeks from your first contact with your advisor to the time you will receive the money out of an equity release. 4

5 AM I ELIGIBLE FOR AN EQUITY RELEASE? Providers of equity release plans will have varying conditions, which you will have to satisfy. Generally you will need to: OWN YOUR OWN HOME Your property should be in good condition and have adequate building insurance. Your property will have to be worth a minimum amount as stipulated by the lender you select. The ownership status (leasehold or freehold) of your property may influence the equity release plan most suitable for you. BE MORTGAGE FREE You should own your property outright. If you have any outstanding mortgage, or other debts, secured against your property, you may still be eligible, but you will need to repay these with some of the money you release. BE OVER 55 YEARS OLD You can be as young as 55 to be eligible for a lifetime mortgage and 60 for a home reversion. This applies to both you and any partner if you wish take out a plan jointly. The recommended plan will be based on the age of the younger person. HAVE UK OR EU CITIZENSHIP WITH PERMANENT RIGHTS OF RESIDENCY IN THE UK You will have to be resident in the UK at the property in question and be able to provide an address history for a period of time as stipulated by the lender you select. HAVE NO TENANTS There should be no other occupants at your property with rights under the Rent Act. 5

6 DOES AN EQUITY RELEASE MAKE SENSE FOR ME? An equity release may not be suitable for you if you, for example: Need to raise only a small amount of money. A release could prove to be unnecessarily costly. Require only a short-term borrowing. Equity releases are designed to run for your lifetime. Wish to safeguard the value of your property and entitlement to your beneficiaries. Releasing equity can result in a reduction in the value of your estate. Have savings, which you can use instead. The cost of an equity release is usually more than any interest you could expect from your savings. Want to secure your pension benefits. Releasing equity as cash could affect your entitlement. WHICH ALTERNATIVES ARE OPEN TO ME? There are numerous alternative ways you could raise the cash you need. For example: Rent out a room at your property. Extend an existing mortgage on your property. Talk to relatives, who might be able to help you financially, or suggest alternatives. Check you are receiving all the state benefits and support you are entitled to. Check if you can claim for grants such as home improvements. Move to a smaller home, or into rented accommodation. FROM WHICH EQUITY RELEASE PLANS CAN I CHOOSE FROM? There are two types of equity release plans you can choose from: Lifetime Mortgages or Home Reversions. The former is the most common. In essence, a lifetime mortgage allows you to borrow cash against your home with interest payments rolling up until the total amount is repaid from the proceeds of the sale of the property. You retain the ownership of your property. With a home reversion you sell all or a share of your property to a lender, who, in exchange, grants you the right to live there rent-free. The lender will then on the sale of the property take their share from the final proceeds. 6

7 LIFETIME MORTGAGES EXPLAINED A lifetime mortgage is like a conventional mortgage. It involves releasing some of the value of your property as cash while you retain full ownership of it. The money you borrow forms a loan against the value of your property. The lender will place a charge on the property title as a means of protecting their financial interest. HOW WILL THE FUNDS BE MADE AVAILABLE? The funds raised can be made available to you either as a taxfree lump sum, a regular income, a facility from which you can draw cash from as and when you need it, or a combination of all three. HOW IS INTEREST CHARGED? Interest is charged at a fixed or variable rate on a monthly or yearly basis on the amount you have borrowed. The interest, however, compounds, i.e. is rolled up, over the time period of your loan. This means that it is charged on the original amount you released andon any interest, which is added until the loan is repaid. With the drawdown option you pay interest only on the amounts you take. WHAT ARE THE INTEREST RATES? The interest rates for lifetime mortgages are slightly higher than those for normal mortgages due to their long-term nature and security of tenure. A lender will only be repaid once you permanently leave the property. The lender has no way of knowing when this will be and therefore has to fund on a longterm basis. WHAT ARE THE REPAYMENT OPTIONS? Repayment of the loan and any interest is not due until the sale of your property. This usually takes place when the last mortgage holder either permanently moves out of the property, perhaps into residential care, or passes away. At which point the lender is repaid in full using the proceeds of the sale of your property. Any surplus will pass to your estate. If you choose to repay the loan early, for whatever reasons, early repayment charges may apply, making this potentially an expensive undertaking. Alternatively, you can opt for a mortgage where you can pay off some or all of the interest over the term of the loan. 7

8 LIFETIME MORTGAGES EXPLAINED HOW MUCH WILL THE FINAL AMOUNT DUE BE? The final amount due to the lender will depend on the sum you borrowed and the number of years before the loan is repaid. As there is no time limit to the loan, with the interest compounding, the final amount to be repaid is not determinable and could be substantial. Should the final debt become more than the value of your property, resulting in negative equity, then: The lender may ask you to start paying interest during your lifetime; or After your death, your beneficiaries would have to repay the extra from your estate. One the other hand, should the value of your property become more than the amount you owe, the effect of the rolled-up interest could be reduced or even eliminated. CAN THE FINAL DEBT BE CAPPED? Most equity release providers offer a No Negative Equity Guarantee option with their lifetime mortgages. By selecting this option, you ensure that, regardless of fluctuations in the housing market, the final debt will not exceed the value of your property when it is sold. Even with this option, the final debt could match the property value andleave little or nothing for an inheritance. Alternatively, you could select a Protected Equity plan, which safeguards a specific percentage of your property value as an inheritance. WHO IS RESPONSIBLE FOR THE PROPERTY S UPKEEP With a lifetime mortgage you retain full ownership of your property, including all responsibilities and costs of the ownership. Any future increase in the value of your property may allow you to release more equity if needed. 8

9 HOME REVERSIONS EXPLAINED With a home reversion, you can sell all, or part, of your property in exchange for cash and the right to reside rent-free at the property, provided it remains your main residence, for the rest of your life. This means all or part of your property will belong to somebody else. The lender will be named on the property title for the portion of the property they have bought from you. HOW WILL THE PROPERTY BE VALUED? The share you sell to the lender is valued at a discount to its current market value. This because the lender will not get their money back until you vacate the property and must, therefore, take a risk on future house prices, which could go up or down. Depending on factors such as the value of your property and your age, you may only receive 35% or even less of the market value of your property. You will rarely receive over 60%. HOW WILL THE FUNDS BE MADE AVAILABLE? The funds made from a sale can be made available to you either as a tax-free lump sum, a regular income, a drawdown facility with the ability to sell further shares of your property in the future, or a combination of all three. ARE THERE ANY DRAWBACKS? Home reversions do have several drawbacks. As well as losing out on the true value of your home, as you no longer own your own home, you cannot pass it on to your family. Furthermore, if you wish to buy back the share of your home owned by the lender, you will have to do so at the current market value. WHO IS RESPONSIBLE FOR THE PROPERTY S UPKEEP Whether you sell wholly or partially, you remain at all times responsible for adequate upkeep of the property, and the respective costs. 9

10 WHICH EQUITY RELEASE PLAN IS BEST FOR ME? The plan you choose, or are recommended, will depend on your own personal circumstances, your attitude towards risk and how you think property prices and interest rates might change in the future. Key is that you should only borrow what you need. You will earn much less from cash left on deposit than the interest you will have to pay for borrowing it. Consider the drawdown facility option, as interest is only payable on the cash you take. In regards to lifetime mortgages you should pay attention to the annual percentage rate (APR) and not just the headline rate. There can be a difference to the rate actually charged. This is due to the costs of setting up the arrangement and how interest itself is calculated. This can be daily, monthly or annually. The longer the period the better it is for the borrower. The exact opposite is true for traditional repayment loans. An equity release may be a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration. It is, furthermore, essential that you informed yourself on whether or not the money you wish to release will or could affect your tax position and/or any means-tested benefit entitlements. ARE EQUITY RELEASES REGULATED? The UK equity release market is fully regulated under the remit of the Financial Conduct Authority (FCA). This provides you with several safety nets: All lenders and mortgage intermediaries who advise on, arrange and/or lend equity releases must be authorised by the Financial Conduct Authority (FCA). In order to be certified they must meet certain regulatory standards and have acquired the necessary equity release qualifications. You can check the FCA Register to see whether a company or agent is regulated. Using one of these advisors ensures you get the professional advice you need to make an informed choice. It is not possible for you to take out an equity release without advice. The FCA does not permit this. All applications must confirm that you have received the required advice and from whom. All FCA regulated companies and agents must follow a suitable and appropriate complaints procedure. Should you remain unsatisfied you may take you matter to the Financial Ombudsman Service. Should your advisor or equity provider stop trading or become unable or unlikely to pay claims against it, the Financial Services Compensation Scheme (FSCS) may be able to help you. 10

11 WHAT ADVICE CAN I EXPECT TO RECEIVE? FCA-regulated companies and agents must comply with a strict code of practice, which states they: 3 Must provide you with full information on the advisory services and equity release plans they offer, as well as the costs involved, and ensure that these are clearly understood. Their literature and advertisements must be clear, fair and not misleading; 3 May only recommend equity release plans, which are suitable for your needs and circumstances. This includes checking how a plan could affect your tax status and benefit entitlement; 3 Must inform you on both the advantages and disadvantages of a plan in equal measure; 3 Must give you the Annual Percentage Rate (APR) whenever providing price information; 3 Must quote all fees you might incur; 3 Must provide you with a Key Facts Illustration (KFI) summarising all the features of the recommended plan: How much you want to release; The value of your property; The overall cost of the plan, including any fees and charges; Who the provider is and a description of the plan; The rate of interest and how it is to be charged; What you ll pay and when, and how much they would be if interest rates went up; Any additional features; What happens if you don t want the plan anymore? 3 Must have you confirm you have received all the required advice to make an informed choice. The above allows you to easily compare the different services and products on the market. 11

12 HOW MUCH WILL AN EQUITY RELEASE COST ME TO ARRANGE? The costs you will incur to arrange an equity release will vary depending on the provider, the plan you select, and the amount of equity you want to release. These usually include: An arrangement fee A property valuation fee Legal costs An advisory charge An arrangement and administration fee The cost of an adequate building insurance cover With lifetime mortgages, some of the costs can be added to the loan. You may pay less upfront but consequently pay interest on any amounts added for the period until the loan is repaid. A typical fee of 1.17% of the Equity Release amount is payable for advising, researching and arranging the best plan for you. Of this 20% is payable on application and the balance on completion. For example, for an Equity Release Product of 100,000 we will be paid 1, (20% of 1,170.00) is payable on application, with the remaining 936 (80% of 1,170) payable on completion. We will also be paid commission from the Lender/Provider. You will receive a key facts illustration when considering a particular lifetime mortgage which will tell you about any fees relating to it. We will tell you how much the total fee will be before you apply for a lifetime mortgage, but you may ask for this information earlier. You also have the right to request an illustration for any lifetime mortgage we offer. WHAT HAPPENS IF THE LENDER COLLAPSES? If the lender collapses before the loan is completed, your financial adviser will try to find an alternative lender. If the lender collapses after the loan is made your equity release plan will, inevitably, be passed on to a new organisation. The new organisation will be bound by the terms and conditions of the original loan and will not, for example, be able to force you to repay the loan other than in the same circumstances that applied to the original loan. 12

13 CAN AN EQUITY RELEASE AFFECT MY BENEFIT STATUS? Whether an equity release could affect your benefits status depends on if your benefits are meanstested or not. If they are, then your savings are taken into account when assessing your benefits. Should your savings, as a result of an equity release, exceed the limit specified by the government, currently 10,000, then your entitlement may be affected. Opting for the drawback facility option inyour equity release plan could help you avoid exceeding the given limit. An equity release will not affect your state pension or any income from an occupational pension scheme or personal pension. CAN AN EQUITY RELEASE AFFECT MY INHERITANCE TAX (IHT) STATUS? An equity release implies a reduction in the value of your estate and the amount, which can go to your beneficiaries. It does, however, not affect any other assets you may have to leave as part of your inheritance. Currently a person s estate is only subject to a 40% inheritance tax (IHT) when the value of all their assets worldwide exceeds 325,000 (2015/2016). Anything below this figure is known as the nil rate band. WILL I STILL BE ABLE TO LEAVE AN INHERITANCE? With a lifetime mortgage, the amount of any inheritance would depend on the amount of loan outstanding against the value of your property when it is sold. Many equity release lenders provide an option for you to protect a percentage of the value of your property as an inheritance. With a home reversion, the amount of any inheritance would depend on how much of your property you sold. If you sold your entire home then there would be no inheritance. If you sold part of your property then the value of the portion you retained on selling the property would provide an inheritance. Irrespective of whether you choose a lifetime mortgage or home reversion, taking out an equity release plan is a longterm commitment and a major financial decision. It should not be taken lightly. It will reduce the amount of your estate you can leave to beneficiaries. It is, therefore,advisable to discuss your plans with your family before making any decision. 13

14 COULD I LOSE MY HOME? As long as you adequately maintain your home, to ensure it does not fall into a state of disrepair, and fulfil the terms of your agreement with the lending party, you are unlikely to lose your home. WHAT HAPPENS TO MY PARTNER OR A DEPENDENT WHEN I DIE? The right to residence applies to you and any partner only if the equity release plan is in your joint names. If not, you will need to make a provision for them, as well as for any dependant, such as a younger person, who does not have any inherent or legal right to the property, in your will, as on your death the loan will need to be repaid in full and they will need to find alternative housing. CAN I MOVE INTO ANOTHER PROPERTY? It is possible for you to move to a new property. If the lender finds the new property acceptable, youshould be able to transfer your equity release plan without any financial penalties. If you cannot transfer your plan, then in the case of a lifetime mortgage, the loan and all interest accrued will have to be repaid in full from the proceeds of selling your old property. Furthermore, early redemption charges may apply. In the case of a home reversion, you will need to buy back the share of the old property the lender owns at market value, or pay the lender their proportionate share of the sale proceeds of the old property. If you are moving into a less expensive property, you may have to pay back part of the outstanding mortgage. 14

15 WHAT IS THE NEXT STEP I SHOULD UNDERTAKE? If you think an equity release is for you, seek the independent advice and assistance of a professional FCA regulated equity release specialist like Largeequityrelease.com, a trading style of Largemortgageloans.com Ltd. We can guide you through the whole equity release process: From assessing if an equity release is a suitable option for you or not, to identifying the product and plan most appropriate to your personal needs and circumstances, to completing the application and acceptance procedure in a smooth and timely manner. Enabling you to enjoy retirement, as you should carefree. CONTACT DETAILS Largeequityrelease.com is a trading style of Largemortgageloans.com Ltd 12 Pepper Street Docklands London E14 9RP Tel:

A Guide to Releasing Capital from your Home

A Guide to Releasing Capital from your Home Advice for older people A Guide to Releasing Capital from your Home Advice provided by Advice for older people FirstStop Advice brings together the expertise of some of the most trusted and respected organisations

More information

Is equity release the right choice for you? Protecting yourself If it isn t right for you, what are the alternatives?

Is equity release the right choice for you? Protecting yourself If it isn t right for you, what are the alternatives? Buyer s Guide : Content Page 1: What is equity release? Page 2: Is equity release the right choice for you? Page 3: Protecting yourself If it isn t right for you, what are the alternatives? Page 4: Lifetime

More information

WHAT IS EQUITY RELEASE? WHY CONSIDER EQUITY RELEASE?

WHAT IS EQUITY RELEASE? WHY CONSIDER EQUITY RELEASE? WHAT IS EQUITY RELEASE? Equity Release can free some of the capital tied up in your home, while you continue to live there. This money can be in the form of a tax-free lump sum, a regular income or a combination

More information

A Guide to Equity Release in Retirement

A Guide to Equity Release in Retirement A Guide to Equity Release in Retirement 1. Introduction For the retirement you deserve 2. What is Equity Release? 3. Equity Release Plans The options available to you 4. The Application Process 5. Questions

More information

CAVENDISH EQUITY RELEASE. The Essential Guide. Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985

CAVENDISH EQUITY RELEASE. The Essential Guide. Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985 CAVENDISH Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985 EQUITY RELEASE The Essential Guide INDEX Welcome to Cavendish Equity Release 3 How can Equity Release be used? 4 Why is specialist advice

More information

Equity Release Guide. Helping you make the right decision. nationwide service all lenders available personal visits. www.therightequityrelease.co.

Equity Release Guide. Helping you make the right decision. nationwide service all lenders available personal visits. www.therightequityrelease.co. Equity Release Guide 0800 612 5749 www.therightequityrelease.co.uk Helping you make the right decision nationwide service all lenders available personal visits 1 Welcome to The Right Equity Release Who

More information

A guide to equity release

A guide to equity release Enjoying financial freedom in retirement: Enjoying financial freedom in retirement: A guide to equity release A guide to equity release Many people see equity release as a way to ensure a comfortable retirement.

More information

Equity Release Guide. www.seniorissues.co.uk

Equity Release Guide. www.seniorissues.co.uk Equity Release Guide www.seniorissues.co.uk For more information or to speak to one of our trained advisers please telephone our Senior Issues Team on 0845 855 4411 The Caesar & Howie Group 7/3/2008 EQUITY

More information

Chadwick s. Equity Release

Chadwick s. Equity Release c Independent Chadwick s Financial Advisers Equity Release Contents Chadwick s IFA Page 4 Equity Release Page 5 Lifetime Mortgages Page 6 Home Reversion Schemes Page 7 Considerations Pages 8&9 Safe Guards

More information

Your guide to. Equity Release. with no obligation

Your guide to. Equity Release. with no obligation Your guide to Equity Release Expert advice with no obligation Your introduction to equity release Your retirement should give you the freedom to do all the things in life you haven t had time for. However,

More information

Your Guide to Equity Release

Your Guide to Equity Release Equity release has provided me with financial stability. I now have the opportunity to help my family, go on holiday, and make some home improvements. Mr W, East Sussex Your Guide to Equity Release Contents

More information

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need Customer Guide to lifetime mortgages more 2 choose a range of lifetime mortgage plans to suit every need From one of the UK s largest retirement lending specialists Please speak to your adviser for further

More information

Your Guide to Equity Release

Your Guide to Equity Release Equity release has enabled me to go on more holidays, purchase a new car and make some major household purchases. The service provided met our financial needs in an efficient and helpful way. John, Sutton

More information

ALL YOU NEED TO KNOW.

ALL YOU NEED TO KNOW. LIFETIME MORTGAGE LIFETIME MORTGAGES ALL YOU NEED TO KNOW 1 ALL YOU NEED TO KNOW. 2 LIFETIME MORTGAGES ALL YOU NEED TO KNOW CONTENTS 1. IntrODUCTION 2. AbOUT lifetime mortgages 3. FeaturES of our lifetime

More information

Equity Release An easy to understand guide just for you

Equity Release An easy to understand guide just for you TRuE BEARing ChARTEREd e Right direction for Financial Advice Equity Release An easy to understand guide just for you True Bearing Chartered 2 Buckshaw Court, East Terrace Business Park Euxton Lane, Euxton,

More information

EQUITY RELEASE GUIDE. Everything you need to know about equity release.

EQUITY RELEASE GUIDE. Everything you need to know about equity release. EQUITY RELEASE GUIDE Everything you need to know about equity release. An informative guide from the equity release specialists The informative guide to equity release... Equity release has come a long

More information

Reverse Mortgage. That s what we re here for. Financial freedom to do the things you ve always wanted. Here for good.

Reverse Mortgage. That s what we re here for. Financial freedom to do the things you ve always wanted. Here for good. Reverse Mortgage Financial freedom to do the things you ve always wanted That s what we re here for. Here for good. Contents 2 The freedom of a Reverse Mortgage 3 Product overview 4 About Reverse Mortgages

More information

Shared Home Investment Plan Limited. because life is worth living

Shared Home Investment Plan Limited. because life is worth living Shared Home Investment Plan Limited because life is worth living About S.H.I.P.? Shared Home Investment Plan Limited (S.H.I.P.) is an Irish company specialising in home equity release plans for the over

More information

Use your home to your advantage. A guide to equity release

Use your home to your advantage. A guide to equity release Use your home to your advantage A guide to equity release 2 A guide to equity release Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a wellestablished company

More information

RELEASING CASH FROM YOUR HOME

RELEASING CASH FROM YOUR HOME RELEASING CASH FROM YOUR HOME As a recommended adviser for the Society of Later Life Advisers (SOLLA) we are frequently asked to advise on home income/equity release plans. These notes are designed to

More information

Equity release. A guide for those considering unlocking the value in their home

Equity release. A guide for those considering unlocking the value in their home Equity release A guide for those considering unlocking the value in their home Purpose Equity release is a big decision that will affect the rest of your life. It will mean giving up full control over

More information

Equity Release. A guide to our Lifetime Mortgage products

Equity Release. A guide to our Lifetime Mortgage products Equity Release A guide to our Lifetime Mortgage products Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a well-established company that can trace its roots back

More information

Are you or your parents thinking about taking out an Equity Release product?

Are you or your parents thinking about taking out an Equity Release product? Equity Release Are you or your parents thinking about taking out an Equity Release product? Why take out an equity release plan? So what is an Equity Release plan? Who can take out an Equity Release Scheme?

More information

Your retirement could have even more going for it

Your retirement could have even more going for it Your retirement could have even more going for it A straightforward guide to equity release For no obligation advice: call 0800 015 0993 www.justretirementsolutions.com Contents Imagine what you could

More information

Our Home Reversion Plan. Enjoy your retirement by unlocking the value of your home

Our Home Reversion Plan. Enjoy your retirement by unlocking the value of your home Our Home Reversion Plan Enjoy your retirement by unlocking the value of your home I can now have the garden I ve always wanted. 1 Bridgewater Equity Release Limited the Home Reversion Plan experts Bridgewater

More information

Briefing Paper on Equity Release

Briefing Paper on Equity Release COUNCIL of MORTGAGE LENDERS Briefing Paper on Equity Release What is equity release? 1. Equity is the difference between any mortgage you may have and the value of your home. Equity release is a way of

More information

Certificate in Regulated Equity Release

Certificate in Regulated Equity Release Unit 1: Fundamentals of Equity Release Certificate in Regulated Equity Release Attainment Level knowledge of: K1 Definition of a Home Reversion (HR) plan & alternative methods of equity release/capital

More information

Making the most of your retirement

Making the most of your retirement Making the most of your retirement A guide to equity release and our advice service Provided by Contents Welcome from the Age UK Group 3 Do more with your retirement 4 What is equity release? 5 Is equity

More information

IT S MORTGAGE REVERSE A SIGN OF THE TIMES

IT S MORTGAGE REVERSE A SIGN OF THE TIMES IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.

More information

Welcome to. OneFamily

Welcome to. OneFamily OneFamily Lifetime Mortgages 1 Welcome to OneFamily Welcome to our OneFamily Lifetime Mortgages. This brochure acts as an easyto-digest introduction to lifetime mortgages and provides you with a summary

More information

Guide to Equity Release

Guide to Equity Release Guide to Equity Release in association with One of the Yours guides designed to The Guide to Equity Release in association with 1 help you make the most of your life Contents Why equity release? 4 Getting

More information

Roll-up Lifetime Mortgage Lump Sum Plus Lifetime Mortgage

Roll-up Lifetime Mortgage Lump Sum Plus Lifetime Mortgage Lifetime Mortgages Roll-up Lifetime Mortgage Lump Sum Plus Lifetime Mortgage Using the value in your home for a better retirement Just Retirement s Lifetime Mortgages Who are we? Just Retirement Limited

More information

Retirement. Providing solutions for your future

Retirement. Providing solutions for your future Retirement Providing solutions for your future ,,,, We firmly believe that retirement is a time to enjoy the rewards of your lifes hard work and having access to the funds to turn your ideas and dreams

More information

Equity release using your home to get a cash sum

Equity release using your home to get a cash sum Equity release using your home to get a cash sum for independent information About us We are an independent watchdog set up by the Government to: regulate firms that provide financial services; and help

More information

Equity Release. Standards for Appropriate Examinations. AES3/011206 Financial Services Skills Council 2006 1

Equity Release. Standards for Appropriate Examinations. AES3/011206 Financial Services Skills Council 2006 1 Equity Release Standards for Appropriate Examinations AES3/011206 Financial Services Skills Council 2006 1 The Standards The Standards contain the following information: 1. The learning outcomes that must

More information

IT S MORTGAGE REVERSE A SIGN OF THE TIMES

IT S MORTGAGE REVERSE A SIGN OF THE TIMES IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.

More information

IT S LIFETIME LOAN A SIGN OF THE TIMES AUSTRALIAN SENIORS FINANCE. The Home Equity Release Specialist

IT S LIFETIME LOAN A SIGN OF THE TIMES AUSTRALIAN SENIORS FINANCE. The Home Equity Release Specialist IT S A SIGN OF THE TIMES LIFETIME LOAN AUSTRALIAN SENIORS FINANCE The Home Equity Release Specialist UNLOCK THE IN YOUR EQUITY HOME If you want the financial freedom to spend your retirement how you choose,

More information

RELEASING CASH FROM YOUR HOME

RELEASING CASH FROM YOUR HOME RELEASING CASH FROM YOUR HOME As a recommended SOLLA adviser we are frequently asked to advise on home income/equity release plans. These notes are designed to provide some general background to clients

More information

A simple guide to getting more from your future with. Aviva Equity Release. Best Equity Release Lender

A simple guide to getting more from your future with. Aviva Equity Release. Best Equity Release Lender A simple guide to getting more from your future with Aviva Equity Release Best Equity Release Lender J4602_PF011120_1015.indd 1 09/10/15 8:06 pm Contents An introduction to Aviva Equity Release What is

More information

Commissioned by. Written by. Supported by

Commissioned by. Written by. Supported by Use of Housing Equity for Beginners A self training module Commissioned by Written by Supported by About this training module This self training module is for people who want to understand the basic ideas

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Equity Release. A Guide to Equity Release

Equity Release. A Guide to Equity Release Equity Release A Guide to Equity Release Why NHFA Equity Release Service? At NHFA we will always give you an honest assessment of the financial products available, talk you through all the small print

More information

Council of Mortgage Lenders Equity release leaflet unlocking the value of your home

Council of Mortgage Lenders Equity release leaflet unlocking the value of your home Council of Mortgage Lenders Equity release leaflet unlocking the value of your home What is equity release? Equity is the difference between any mortgage you may have and the value of your home. Equity

More information

Residential mortgages general information

Residential mortgages general information Residential mortgages general information Residential mortgages general information 2 Contents Who we are and what we do 2 Forms of security 2 Representative Example 2 Indication of possible further costs

More information

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages

LEGAL & GENERAL HOME FINANCE. Guide to Lifetime Mortgages LEGAL & GENERAL HOME FINANCE Guide to Lifetime Mortgages A lifetime mortgage could give you the freedom to really enjoy your retirement. We re delighted you re finding out more about lifetime mortgages.

More information

Everything you need to know about equity release.

Everything you need to know about equity release. Everything you need to know about equity release. An informative guide from the equity release specialists Welcome to the Retiredom guide to equity release. Equity release has come a long way since regulation

More information

Guide to Equity Release

Guide to Equity Release Guide to Equity Release By Mel Wright Telegraph money Command= The right of Mel Wright to be identified as the author of this work has been asserted by her in accordance with the Copyright, Designs and

More information

THE RESPONSIBLE EQUITY RELEASE GUIDE. Everything you need to know about equity release.

THE RESPONSIBLE EQUITY RELEASE GUIDE. Everything you need to know about equity release. THE RESPONSIBLE EQUITY RELEASE GUIDE Everything you need to know about. An informative guide from the specialists Welcome to the Responsible guide to. Equity release has come a long way since regulation

More information

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers All you need to know about the Seniors Money Lifetime Loan Information for you, your family and your advisers 1 Contents This brochure from Ireland s only specialist Lifetime Mortgage provider highlights

More information

EQUITY HOME. HowDO. we stay in. our family. home?

EQUITY HOME. HowDO. we stay in. our family. home? HowDO we stay in our family home? HOME EQUITY loan Welcome If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us. A Heartland Home

More information

Reverse Mortgages A Source of Funds for Retirement?

Reverse Mortgages A Source of Funds for Retirement? Reverse Mortgages A Source of Funds for Retirement? Many people make it a goal of their financial lives to invest in a home. It is a great accomplishment when that last mortgage payment is made. Can a

More information

Your Mortgage Guide. The Exchange. Property Services Mortgage Services Letting & Management Services Conveyancing Services

Your Mortgage Guide. The Exchange. Property Services Mortgage Services Letting & Management Services Conveyancing Services The Exchange Property Services Mortgage Services Letting & Management Services Conveyancing Services Your Mortgage Guide Contents: Introduction... 3 The Financial Services Authority (FCA)... 3 What is

More information

Deferred Payment Agreement Scheme

Deferred Payment Agreement Scheme Adult Social Care and Health Deferred Payment Agreement Scheme Information about the Council s Deferred Payment Agreement Scheme an option to help you manage care home costs if you own your property www.reading.gov.uk/carecharges

More information

EQUITY LOAN HOME HOWDO WE STAY IN OUR FAMILY HOME?

EQUITY LOAN HOME HOWDO WE STAY IN OUR FAMILY HOME? HOWDO WE STAY IN OUR FAMILY HOME? HOME EQUITY LOAN Welcome If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us. A Heartland Home

More information

Lump Sum Lifetime Mortgage Product Summary

Lump Sum Lifetime Mortgage Product Summary Lump Sum Lifetime Mortgage Product Summary This document is intended to provide you with an introduction to our Lump Sum Lifetime Mortgage. Aims The lump sum lifetime mortgage provides you with a cash

More information

First Time Buyer Mortgage Information

First Time Buyer Mortgage Information First Time Buyer Mortgage Information If you re thinking about a Mortgage for your first home talk to us today A good time to talk to us? We re here to listen and help you whenever you need to talk to

More information

INFORMATION ABOUT YOUR MORTGAGE. Important information for you to keep and refer to

INFORMATION ABOUT YOUR MORTGAGE. Important information for you to keep and refer to INFORMATION ABOUT YOUR MORTGAGE Important information for you to keep and refer to 1 Information about your mortgage This booklet is sent to you with your mortgage offer so you can read it before you enter

More information

Your Guide to Equity Release / Lifetime Mortgages

Your Guide to Equity Release / Lifetime Mortgages Palmer & Webb Associates Your Guide to Equity Release / Lifetime Mortgages FREE Initial Consultation Palmer & Webb Associates is a trading style of Blueprint Southwest Ltd who are an appointed representative

More information

EQUITY LOAN HOME STAY WHERE YOU BELONG. Seniors Finance

EQUITY LOAN HOME STAY WHERE YOU BELONG. Seniors Finance STAY WHERE YOU BELONG. HOME EQUITY LOAN Seniors Finance Welcome If you want the financial freedom to spend your retirement how you choose with independence and peace of mind knowing that unexpected costs

More information

Mortgage & Equity Release Guide

Mortgage & Equity Release Guide Edward Wilson Financial Services OVERVIEW Experience We have been advising clients since 1994, and have a wealth of experience for which there is no substitute. As an appointed representative of the Sesame

More information

Equity Release your essential guide

Equity Release your essential guide Equity Release your essential guide Welcome This guide has been put together to explain equity release, what it means and the options it can offer. We aim to give you as broad an overview as possible and

More information

Your essential guide to equity release. from the UK s No. 1 specialist

Your essential guide to equity release. from the UK s No. 1 specialist Your essential guide to equity release from the UK s No. 1 specialist 03 03 04 05 06 07 08 09 10 15 Contents What is equity release? How could equity release help you? Why choose Key Retirement? Mr & Mrs

More information

Reverse Mortgage Information Guide

Reverse Mortgage Information Guide Reverse Mortgage Information Guide Table of Contents FHA Reverse Mortgages 3 Common Misconceptions about Reverse Mortgages 4 How the Program Works 4 Benefits of a HECM loan 4 HECM vs. Traditional Mortgage

More information

Our Enhanced Lifetime Mortgages Explained

Our Enhanced Lifetime Mortgages Explained Our Enhanced Lifetime Mortgages Explained Contents Make the very best of life..........................................2 About more 2 life and the enhanced lifetime mortgage plans............3 - The plan

More information

MORTGAGES4REAL LIMITED

MORTGAGES4REAL LIMITED WELCOME TO MIKE ROGERSON.CO.UK ESTATE AGENTS SURVEYORS LETTINGS MANGEMENT MIKE ROGERSON MORTGAGES4REAL LIMITED We know that taking out a mortgage will probably be the biggest financial commitment you can

More information

Release your equity tied up in your home Equity Release

Release your equity tied up in your home Equity Release Golden Age Equity brochure 14/8/07 14:58 Page 1 Because it,s your life Totally independent professional advice: Release your equity tied up in your home Equity Release Retirement planning Financial planning

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions 1. What is a reverse mortgage? 2. How does a reverse mortgage differ from a home equity loan? 3. What are the advantages of a reverse mortgage? 4. How much money can I get? 5.

More information

The Deferred Payments Scheme. An information leaflet for home owners, paying for residential or nursing home care

The Deferred Payments Scheme. An information leaflet for home owners, paying for residential or nursing home care The Deferred Payments Scheme An information leaflet for home owners, paying for residential or nursing home care What is the Deferred Payment Scheme? The deferred payment scheme is designed to help if

More information

Seniors Money Ireland Limited t/a Seniors Money 60plus Loan Seniors Money is a joint venture company equally owned by IFG Group plc and Sentinel

Seniors Money Ireland Limited t/a Seniors Money 60plus Loan Seniors Money is a joint venture company equally owned by IFG Group plc and Sentinel Seniors Money Ireland Limited, Beech House, Beech Hill Office Park, Clonskeagh, Dublin 4. LoCall 1890 73 64 67 (1890 SENIOR) or email info@seniorsmoney.ie www.seniorsmoney.ie Seniors Money Ireland Limited

More information

Guide to Equity Release

Guide to Equity Release Guide to Equity Release Find out how you could unlock cash from your home in association with One of the Yours guides designed to The Guide to Equity Release in association with 1 help you make the most

More information

Government mortgage rescue scheme What will it mean for me and my family?

Government mortgage rescue scheme What will it mean for me and my family? Government mortgage rescue scheme What will it mean for me and my family? What is mortgage rescue? Mortgage rescue is help that the Government is offering if: you are struggling to keep up with your mortgage

More information

KEY GUIDE. Investing for income when you retire

KEY GUIDE. Investing for income when you retire KEY GUIDE Investing for income when you retire Planning the longest holiday of your life There comes a time when you stop working for your money and put your money to work for you. For most people, that

More information

Another way to describe the repayment of your debt. Over the term of the loan, your regular repayments are said to amortise the loan.

Another way to describe the repayment of your debt. Over the term of the loan, your regular repayments are said to amortise the loan. A Additional Payment The method of significantly reducing your home loan with extra payments to your mortgage. Even paying fortnightly rather than monthly can have a big impact. Amortisation Another way

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

197 Ecclesall Road, SHEFFIELD S11 8HW METRO FINANCE HELPING YOU GET THE MORTGAGE YOU WANT

197 Ecclesall Road, SHEFFIELD S11 8HW METRO FINANCE HELPING YOU GET THE MORTGAGE YOU WANT www.metrofinance.co.uk Fourth Floor, Wards Exchange, 197 Ecclesall Road, SHEFFIELD S11 8HW METRO FINANCE HELPING YOU GET THE MORTGAGE YOU WANT ON THE FOLLOWING PAGES YOU WILL FIND INFORMATION TO HELP YOU

More information

Your essential guide to equity release. from the UK s No. 1 specialist

Your essential guide to equity release. from the UK s No. 1 specialist Your essential guide to equity release from the UK s No. 1 specialist What is equity release? 03 03 04 05 06 07 08 09 10 15 Contents What is equity release? How could equity release help you? Why choose

More information

Mortgage Term Glossary

Mortgage Term Glossary Mortgage Term Glossary Advance - The mortgage Loan. Adverse Credit - This is the term used if the borrower has suffered a poor credit history. This could include previous mortgage or loan arrears, CCJ's

More information

FSA Factsheet Raising money from your home

FSA Factsheet Raising money from your home September 2006 FSA Factsheet Raising money from your home Financial Services Authority This factsheet is for you if: you are in your mid-50s or older; you own your home; and you want extra regular income,

More information

Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions

Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions Seniors Reverse Mortgage Fact File and Answers to Frequently Asked Questions A public information service from Access Reverse Mortgage 1-888-340-0305 2014 Access Reverse Mortgage Corp.. All rights reserved.

More information

Have you heard about Open Market HomeBuy?

Have you heard about Open Market HomeBuy? Have you heard about Open Market HomeBuy? A guide to buying a home on the open market using an equity loan Contents What is Open Market HomeBuy? 3 Who is eligible for the scheme? 4 How does Open Market

More information

Deferred Payment Scheme. This leaflet gives a guide to Derbyshire County Council s Deferred Payment Scheme

Deferred Payment Scheme. This leaflet gives a guide to Derbyshire County Council s Deferred Payment Scheme Deferred Payment Scheme This leaflet gives a guide to Derbyshire County Council s Deferred Payment Scheme Contents What is the Deferred Payment Scheme? Page 3 To apply for a Deferred Payment you must...

More information

In association with Key Retirement THE COMPLETE GUIDE TO. equity release

In association with Key Retirement THE COMPLETE GUIDE TO. equity release In association with Key Retirement THE COMPLETE GUIDE TO equity release CONTENTS 1 EQUITY RELEASE AN INTRODUCTION 2 RON AND WENDY S STORY 3 WHAT TO CONSIDER 4 YOUR FAMILY 5 GETTING TO KNOW THE PLANS 6

More information

C o n v e r t i n g Y o u r H o m e s E q u i t y i n t o C a s h

C o n v e r t i n g Y o u r H o m e s E q u i t y i n t o C a s h R E V E R S E M O R T G A G E S E R V I C E S C o n v e r t i n g Y o u r H o m e s E q u i t y i n t o C a s h 2010 Wilmington Savings Fund Society, FSB Member FDIC All Rights Reserved 015 6-10 From your

More information

SIPP Key Facts. This is an important document which you should keep.

SIPP Key Facts. This is an important document which you should keep. SIPP Key Facts! This is an important document which you should keep. 2 Key Facts of the Alliance Trust Savings SIPP The Financial Conduct Authority is the independent financial services regulator. It requires

More information

Reverse Mortgages Policy

Reverse Mortgages Policy Reverse Mortgages Policy March 2014 Version Date 2 November 2012 3 March 2014 Document owner Professional Standards Professional Standards Approved by RI Compliance Committee Date of approval 22/11/2012

More information

Accommodation Bond Loans

Accommodation Bond Loans Accommodation Bond Loans Banksia Mortgages Limited ABN 36 087 342 238 Australian Credit Licence Number 227733 www.banksiagroup.com.au Investments & Loans About the Fund Manager Banksia Mortgages Limited

More information

Contents. Meeting the Costs of Live at Home Care & Nursing Funding Options Handbook. Funding Options 2. Private Funding 3

Contents. Meeting the Costs of Live at Home Care & Nursing Funding Options Handbook. Funding Options 2. Private Funding 3 Meeting the Costs of Live at Home Care & Nursing Funding Options Handbook Contents Funding Options 2 Private Funding 3 Equity Release Schemes Home Reversion Plans 3 Full Reversion Plans 4 Partial Reversion

More information

Saffron Building Society Mortgages Savings Investments Insurance Loans. Residential mortgage conditions. www.saffronbs.co.

Saffron Building Society Mortgages Savings Investments Insurance Loans. Residential mortgage conditions. www.saffronbs.co. Saffron Building Society Mortgages Savings Investments Insurance Loans Residential mortgage conditions www.saffronbs.co.uk 0800 072 1100 Saffron Building Society Residential Mortgage Conditions (England

More information

Group Flexible Retirement Plan Key features

Group Flexible Retirement Plan Key features Group Flexible Retirement Plan Key features This is an important document. Please read it and keep it for future reference. Key features document: Pages 1 21 Terms and conditions for joining: Pages 22

More information

Equity Release Guide

Equity Release Guide A Refreshing Approach to Equity Release Equity Release Guide Are you thinking of Equity Release? Choose The Right Equity Release Nationwide Service All Lenders Available Personal Visits What is Equity

More information

A GUIDE TO. reverse mortgages. Live the retirement you dreamed

A GUIDE TO. reverse mortgages. Live the retirement you dreamed A GUIDE TO reverse mortgages Live the retirement you dreamed Guide Content 14What Is A Reverse Mortgage? 24How Do I Qualify? 34 What Can A Reverse Mortgage Be Used For? 44How Much Money Could I Qualify

More information

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage Page 1 of 7 Proposed Information Statement Reverse Mortgage Things you should know about your reverse mortgage This statement is provided to you because reverse mortgages operate differently to other credit

More information

Planning for Care Costs. The Options in Scotland

Planning for Care Costs. The Options in Scotland Planning for Care Costs The Options in Scotland For more information or to speak to one of our trained advisers please telephone our team on 0800 152 2037 Solicitors For Older People Scotland 1/7/2012

More information

Pathways Shared Equity Loan

Pathways Shared Equity Loan Department of Housing and Public Works Pathways Shared Equity Loan Become a home owner by purchasing a share of the property you are renting Questions and Answers Booklet Great state. Great opportunity.

More information

Equity release is one of the easiest ways to access capital without having to move out of your home.

Equity release is one of the easiest ways to access capital without having to move out of your home. 1 Equity Release Equity release is a way of taking cash from your home without having to move out of your property or sell it. If you are a homeowner and aged 55 or over, you could release a tax-free lump

More information

Converting Home Equity into Income: A Reverse Mortgage Review

Converting Home Equity into Income: A Reverse Mortgage Review Converting Home Equity into Income: A Reverse Mortgage Review Are you interested in the possibility of converting equity in your home into cash without having to move or assume debt that has to be currently

More information

Talk to us first... Equity Release. Mortgages & Finance. Investments, Pensions & Personal Protection

Talk to us first... Equity Release. Mortgages & Finance. Investments, Pensions & Personal Protection Talk to us first... Mortgages & Finance Equity Release Investments, Pensions & Personal Protection Why talk to? As Independent Financial Advisers we will work closely with you to help plan your finances

More information

USA Reverse. Learn the Facts about Reverse Mortgages. Danny Glover - Human Rights Activist

USA Reverse. Learn the Facts about Reverse Mortgages. Danny Glover - Human Rights Activist Learn the Facts about Reverse Mortgages Danny Glover - Human Rights Activist Single-purpose Reverse Mortgages Single-purpose reverse mortgages are the least expensive option. They re offered by some state

More information

Helping your clients through retirement think house, think equity release

Helping your clients through retirement think house, think equity release For For financial intermediary use use only. only Not approved for use with customers. Helping your clients through retirement think house, think equity release Not qualified? Referrals - The Right Way

More information

REVERSE MORTGAGE GUIDE

REVERSE MORTGAGE GUIDE REVERSE MORTGAGE GUIDE Retire comfortably with a Reverse Mortgage CRAIG MINTON - AMERICAN NATIONWIDE MORTGAGE - 757-254-1331 Introduction Hello my name is Craig Minton, Regional Manager and Reverse Mortgage

More information