Equity release is a way for people over 60 to access money locked in the value of their homes.
There are two main types of schemes – Lifetime Mortgages and Home Reversions*.
- A Lifetime Mortgage* is like an ordinary mortgage except that you don’t have to make repayments every month. Instead the loan and interest is deducted in one go when you die or sell your home. The amount that you can borrow depends on your age so you should contact us for guidance on the available limits.
- With a Home Reversion* you actually sell your home (or a part of it) to a specialist company, which then allows you to live there until you die or go into care.
Remember – taking out an equity release scheme is not simply raising some cash now, but making a financial decision that will affect you for the rest of your life, which could mean many decades ahead.
We can provide you with detailed illustrations for the schemes that are available so that you can fully understand the terms and conditions. All of our providers have a no negative equity guarantee which means that your family will not be left with a debt that is greater than your property’s value.
Additionally, we will undertake an assessment of any benefits that you receive (or may be entitled to) and issue you with a report detailing whether these may be affected if you go ahead with an equity release mortgage. Make sure that you involve your family and take independent legal advice before you go ahead. Most importantly don’t be rushed into making a decision.
Equity release products are either lifetime mortgages or home reversion plans. We offer a comprehensive range of equity release products from across the market but not deal’s that you can only obtain by going direct to a product provider.
For establishing your needs, undertaking research and making a recommendation, we charge a typical upfront fee of £250 which will be payable for initial advice and production of a report. In addition, a fee of £499 will be payable when you apply for a lifetime mortgage or a home reversion plan. This gives a total payable of £749. We will also be paid commission from the company that lends you money or buys your home. Our fee becomes payable when we provide you with our recommendation(s).
If you choose to proceed with our recommendation and your equity release goes ahead, we will also be paid commission from the product provider for arranging the lifetime mortgage or home reversion plan on your behalf.
If you apply for a lifetime mortgage or home reversion plan that does not go ahead, you will receive no refund.
You will receive a key facts illustration when considering a particular equity release product which will tell you about any fees relating to it.
A lifetime mortgage is a loan secured against your home. To understand the features and risks, ask for a personalised illustration.
A lifetime mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.