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Understanding Equity
Release
Equity release is a financial arrangement that allows homeowners, typically aged 55 and older, to access the value tied up in their property while still retaining the right to live in it.
This can be a viable option for those looking to supplement their retirement income or meet specific financial needs without having to sell their home.
Understanding Equity
Release
Equity release is a financial arrangement that allows homeowners, typically aged 55 and older, to access the value tied up in their property while still retaining the right to live in it.
This can be a viable option for those looking to supplement their retirement income or meet specific financial needs without having to sell their home.
Types
of Plans
Lifetime Mortgages:
Definition: A loan secured against your home, allowing you to release a lump sum or receive regular income while retaining ownership.
Usage: Ideal for those who wish to maintain homeownership and need financial flexibility. Interest accrues on the amount borrowed, which is typically repaid from the sale of the property after the borrower passes away or moves into long-term care.
Types
of Plans
Home Reversion Plans:
Definition: Involves selling a portion or all of your property to a provider in exchange for a lump sum or regular payments and the right to remain in the property rent-free.
Usage: Suitable for those who are open to selling a share of their property for immediate financial relief while ensuring a portion is retained for beneficiaries.
Types
of Plans
Home Reversion Plans:
Definition: Involves selling a portion or all of your property to a provider in exchange for a lump sum or regular payments and the right to remain in the property rent-free.
Usage: Suitable for those who are open to selling a share of their property for immediate financial relief while ensuring a portion is retained for beneficiaries.
Types
of Plans
Retirement Interest Only (RIO) Mortgages:
Definition: Similar to traditional interest-only mortgages, where only interest is repaid monthly, but with the crucial difference that there’s no fixed term for repayment.
Usage: Suited for those who want to maintain ownership and have a regular income to cover interest payments, with the capital repaid from the sale of the property upon death or moving into long-term care.
Reasons for Considering
Equity Release
Supplementing Retirement Income:
Accessing additional funds to supplement retirement income is a strategic move for individuals seeking an enhanced lifestyle or the ability to cover essential expenses. Whether it’s pursuing lifelong dreams or ensuring a comfortable retirement, this financial approach offers flexibility and peace of mind.
Home Improvements:
Utilising funds for home improvements becomes crucial, especially when aiming to adapt the living space for aging. This financial resource allows homeowners to finance renovations, ensuring that their residence remains not just a home but a secure and accommodating environment that aligns with evolving needs during retirement.
Debt Repayment:
Clearing outstanding debts or mortgages through available funds is an effective means of reducing financial stress during retirement. By settling financial obligations, individuals can enjoy a more relaxed retirement, free from the burden of outstanding debts, and secure a stable financial foundation for their future.
Gifting to Family:
Providing financial support to family members during your lifetime is a meaningful use of available resources. Whether it’s assisting with education expenses, helping with home purchases, or contributing to other life milestones, this approach allows you to share your financial well-being with loved ones, fostering a sense of security and support.
Reasons for Considering Equity Release
Supplementing Retirement Income:
Accessing additional funds to supplement retirement income is a strategic move for individuals seeking an enhanced lifestyle or the ability to cover essential expenses. Whether it’s pursuing lifelong dreams or ensuring a comfortable retirement, this financial approach offers flexibility and peace of mind.
Home Improvements:
Utilising funds for home improvements becomes crucial, especially when aiming to adapt the living space for aging. This financial resource allows homeowners to finance renovations, ensuring that their residence remains not just a home but a secure and accommodating environment that aligns with evolving needs during retirement.
Debt Repayment:
Clearing outstanding debts or mortgages through available funds is an effective means of reducing financial stress during retirement. By settling financial obligations, individuals can enjoy a more relaxed retirement, free from the burden of outstanding debts, and secure a stable financial foundation for their future.
Gifting to Family:
Providing financial support to family members during your lifetime is a meaningful use of available resources. Whether it’s assisting with education expenses, helping with home purchases, or contributing to other life milestones, this approach allows you to share your financial well-being with loved ones, fostering a sense of security and support.
Costs, Tax&
Benefits
The amount that can be released through equity release depends on factors such as age, property value, and health, and while the released funds are typically tax-free, it’s important to weigh potential implications on means-tested benefits and inheritance tax.
Seeking professional financial advice is crucial to comprehensively understand these considerations.
Equity release entails costs like arrangement fees, legal fees, and valuation fees, and interest accrues on lifetime mortgages with possible early repayment charges. Home reversion plans may also entail a discount on the property’s value upon sale.
We always recommend that you discuss any potential equity release with your family as any inheritance or legacy is likely to be affected.
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The Legal Bit...
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
*Bridging, Will Writing, Equity Release & Conveyancing are all provided through our network of approved business partners.
Charlie Bridges Mortgages & Protection is a trading name of Charlie Bridges Mortgages & Protection Ltd which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Charlie Bridges Mortgages & Protection Ltd. Registered Office Address: 16 Hermes Way, Sleaford, England, NG34 7WH. Registered in England Number: 11888979.
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