Unlock the Value in Your Home with Equity Release for over 55s.
Equity Release for Over 55s
Equity release for over 55s is designed to help homeowners, over the age of 55 to access the money tied up in their homes.
Equity release for over 55s allows you to access some of the money tied up within the value of your property without having to move home or downsize. The tax-free money you release is yours to spend as you wish and there are hundreds of options to choose from, enabling you to tailor a plan that meets your needs both now and for the future.
You could use equity release for many different things…
- Get that kitchen you’ve always dreamt of
- Help the grandkids (or kids!) get on the property ladder
- Make your retirement more comfortable
- Pay off those credit cards or loans
- Finish the garden and add a conservatory
- Top up your monthly income
- The list is endless!
In short, Equity Release products for over 55s can help you plan for now and the future by releasing the cash tied up in your home.
As ‘whole of market’ brokers, we will search the whole of the Equity Release market to find the Equity Release products and deals best suited to your circumstances.
So, speak to us about funding that purchase or becoming more financially comfortable, to live the life you deserve by releasing cash tied up in your home with Equity release for over 55s.
Did you know that there are a couple of different types of Equity Release Products for over 55s?
Here’s a quick guide to Equity Release for over 55s & Lifetime Mortgages
What is Equity Release for over 55s?
Equity Release is a term that refers to a range of financial products that let you access the equity tied up in your home. The products are only available to those aged 55 or older. There are normally several options to release money as a lump sum, over several payments, monthly or a combination.
Equity Release helps you release cash for whatever matters most in life. Here are some of the reasons people release cash from their home.
- Adapting your home for independent living
- Topping up retirement income to help make life more comfortable
- Renovation or refurbishment, from a new kitchen to new furniture
- Paying for healthcare, whether one off bills or care in the home
- Helping children & grandchildren with house deposits, student fees, weddings and more
- Inheritance Tax Planning to manage your estate, wealth and tax planning
- Paying off debt, including a shortfall on an interest only mortgage
- Enjoying life, leisure interests, a new car, holiday or travel abroad.
We work with a number of lenders providing two equity release options:
Lifetime mortgage
With a Lifetime mortgage you take out a mortgage secured on your primary residence property. With this option you still own the property. You can decide on the amount of equity you want to release and you can ring fence an amount to leave for inheritance. You can choose to make repayments or let the interest accrue. The mortgage loan is paid back when you die or when you move into long-term care.
Home Reversion
With home reversion you sell part or all your property to the loan provider. You can then take a lump sum or regular payments. You will have the right to continue living in the property rent free until you die but you do have an obligation to maintain and insure the house. As with a Lifetime mortgage you can set aside an amount for inheritance. At the end of the loan plan your property is sold and funds shared according to the proportions of ownership.
Who might qualify?
You could be eligible if:
You are a homeowner aged 55 or over
You live permanently in your home
You are mortgage-free or only have a small mortgage
Your property is in the UK
If you’re unsure if you would qualify, please don’t hesitate to give us a call on 01625 548248.
How much could you borrow with equity release for over 55s?
This depends mainly on:
- Your age
- The type of plan you choose
- The value of your home
- Your health & lifestyle
There are other factors that are taken into consideration and we can help go through all your available options from different lenders.
You can call direct on 01625 548248.
Things you need to know about Lifetime Mortgages & Equity Release for over 55s
Equity release for over 55s is an option if you want to release some extra money and don’t want to move to a new house.
However, there are important considerations:
Make sure your plan has any necessary safeguards such as no negative equity guarantees or a fixed interest rate for the life of the plan. We can help you go through all the available options to find a plan that works for you.
Lifetime Mortgages have no fixed term. The rate of interest will not change during the life of the plan.
Home reversion plans will be based on a lower value than the true market value of your property on the open market.
As with most mortgages, there will be arrangement fees. We can take you through all the cost considerations with different products.
If you’ve taken out an interest roll-up plan, there will be less for you to pass onto your family as an inheritance.
These schemes can be complicated to unravel if you change your mind.
There might be early repayment charges if you change your mind, which could be expensive, although they are not applicable if you die or move into long-term care.
Is releasing equity the right option for you?
Whether equity release is the right option for you depends on your circumstances such as:
Your age
Your income
How much money do you want to release?
Your plans for the future.
Getting advice
It’s important to understand all the options available to you with equity release.
We are a whole of market broker so we can go through all the products you could be eligible for, before even approaching a lender.
We will give you free, impartial equity release and mortgage advice. You can call us direct on 01625 548248
Check that your adviser:
Searches the whole of market, so they can find the right plan for you
Is your advisor on the Financial Conduct Authority register (you should search by the firm’s name) – a firm on the FCA register is regulated and must sign up to the Financial Ombudsman Service, which is a free-to-use complaints service if you’re unhappy with the service you receive.
Is a member of and on the Equity Release Council member directory, so you can be sure they abide by the trade body’s strict Rules and Standards which go beyond the basic regulatory requirements.
Mortgage Savers is a whole of market broker so we can help you find the plan tailored to your circumstances. We are also Authorised and Regulated by the FCA and a Member of the Equity Release council so you know you are in safe, secure hands with Mortgage Savers.
We have made this blog available in a free handy guide so you download it and can keep it as a reference.
Simply go to the Equity Release for over 55s page on the Mortgage Savers website https://mortgagesavers.co.uk/ , enter your details and you’ll receive the free guide straightaway via your email.
We are always here to help and assist you with any question you may have about Equity Release for over 55s. Please do not hesitate to give us a call with no obligation whatsoever on 01625 548248.
Thank you for reading.
Richard
Owner & Founder of Mortgage Savers
Call 01625 548248 or email enquires@mortgagesavers.co.uk
You can also enquire via our website https://mortgagesavers.co.uk/
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