If you are 55+ years old with a property, located in the UK, that is worth at least £70,000 you could be able to release the equity tied up in your home, for whatever needs you may have. The most popular method of generating capital is a lifetime mortgage plan. This plan allows you to retain ownership of your home with a loan that is secured against your home.
With a lifetime mortgage plan, you can release a one-off lump sum or a series of lump sums as part of a drawdown lifetime mortgage plan. A drawdown lifetime mortgage plan allows you to release lump sums in stages, and only pay interest on the amount that you have drawn down. A home reversion plan involves selling all, or part of, your home for a lump sum. Both of these methods will reduce the value of your estate and could also affect your entitlement to many means-tested benefits.
Here at Later Life Financial Services we can advise you on lifetime mortgages, please note we do not arrange home reversion plans. We have access to the whole of the market and only work with providers who are members of the Equity Release Council. Unless you decide to go ahead, we charge no fee. We are happy to provide you with advice and a recommendation on a good-will basis.
This mean that we only charge a fee if you decide to proceed with an application following our initial recommendation. Our typical fee is £995, and this is due for payment once we submit your application to the provider.
If you’re considering equity release we strongly advise that you read Is equity release right for you? or call one of our regional offices to discuss all your options in full detail
