There are ways of releasing some of the equity built up in a property so that it can be used to fund a more comfortable retirement – whether that’s boosting regular income or financing home improvements, paying for a new car or holidays.
Attitudes to equity release are changing. We believe typically, people are less concerned than they once were about leaving an inheritance. Also, as people are living longer and enjoying healthier retirements, lifestyle choices are playing a bigger factor in why people choose equity release. Equity release clients can use the money they release however they want.
One type of equity release product is a Lifetime Mortgage.
Lifetime mortgages can provide a lump sum or a lump sum with a guaranteed option to access further funds (drawdown products) and, unlike conventional mortgages, no monthly payments are made. Instead, interest accumulates and when the property is eventually sold – usually once the remaining property owner has moved into residential care, or dies – the mortgage is repaid from the proceeds with any residual value being passed to the Client’s estate
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Some of the most common reasons are:
• Home improvements
• Top up monthly income
• New car
• Help children with tuition fees
• Debt consolidation
Equity Release can be used for debt consolidation. People may reach retirement with outstanding loans, often unsecured such as credit card balances or interest only mortgages without a repayment vehicle.
Please bear in mind releasing equity from your home is a long term commitment and will reduce the amount of inheritance you leave. It may also affect your eligibility to welfare benefits and your tax position.
For further advice, contact us on Norwich 01603 901520 or email email@example.com
Lifetime Mortgages are available through introduction only.
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