Why choose to release equity
The decision about whether a lifetime mortgage or retirement mortgage is a good option for you will depend on your requirements and personal situation. You will also want to consider alternatives such as downsizing, reducing your outgoings, or re-mortgaging.
There are strict controls in place to protect you and a wide range of products are now on offer so you have greater flexibility and control. You can choose to repay some or all of the interest on a regular or occasional basis or protect a percentage of your home’s value for your family’s inheritance.
If you are concerned that there might not be enough equity in your estate to repay the mortgage when you die, you have the reassurance the most lifetime mortgages offer a no-negative-equity guarantee, which is an Equity Release Council standard.
Choices for your later life
If you are a homeowner over the age of 55 you might want to consider equity release to:
pay off an existing mortgage
make improvements to your home
stay in your own home for longer
buy a new property
increase your income in your later years
help family members to pay a deposit for their own home
take the holiday of a lifetime.
Depending on your age and personal circumstances you might want to know how your choice could affect any beneficiaries of your estate after you die, the amount of interest that could build up, and your day to day financial position. You will be expected to maintain your home, so you will also need to put aside some money for this.
With such a wide range of options available it’s important you take professional advice about whether equity release is a good choice for you.
Janus Consultants provide friendly, face to face independent advice tailored to your specific needs. We will search the market to compare options for you and provide personalised illustrations. We will explain the whole process so that you have all the information you need to make your decision.
Contact us for an informal discussion about your equity release options
For an initial consultation, contact Mark Collender Certs CII (MP & ER)
on 01908 751485 or email@example.com
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