- exeter tel: 01392 258553
- exmouth tel: 01395 279521
Equity Release
What are Equity Release plans?
Equity release plans allow you to release tax-free cash from your home as a lump sum, as regular income or a combination of both to boost your finances in retirement. The two main types of plan available are lifetime mortgages and home reversion plans. You can normally apply for equity release from the age of 55 upwards.
The people who are likely to benefit are those who have cash tied up in their homes and don't wish to move. The older you are the more that you can generally borrow. Some schemes offer a drawdown facility where you are given a maximum borrowing limit. You can borrow less initially and then draw further amounts later on up to the maximum limit without re-applying to the lender, paying additional fees or having a new property valuation.
Due to an extended period of low interest rates on savings and changes too many company pension schemes, equity release is quickly growing in popularity. However, many people are confused and are not sure if it is right for them. You may find our questions and answers page useful in covering some of your initial questions.
We can help with all aspects of you making the right decision.
It is important to seek the best independent advice, which is tailored to your individual circumstances and avoid potential pitfalls. Our first priority is to always establish whether it is right for you. We can search the whole equity release market on your behalf and guide you through the various types of schemes available to find a plan that best suits your needs. It is important that you take time to come to the right decision once you fully understand all implications.
Our Chartered Insurance Institute qualified equity release advisers will only recommend lenders and buyers who are members of SHIP - Safe Home Income Plans. Effectively SHIP members are bound to adhere to a Code of Practice which by its nature guarantees fairness, honesty and safety. Among members rules are:
- Provision of fair, simple and complete presentation of their plans. The benefits , obligations, variables and limitations as well as all costs, taxation, moving home and the effect of changing property values must be fully and clearly set out in their literature
- It guarantees that the legal work will always be carried out by solicitors of the client's choice
- A SHIP certificate will be issued and this will state the main cost to the householder's assets and estate
- A member of SHIP will always provide a 'No Negative Equity' guarantee. No matter what happens in the market you will never owe more than the value of your home
- A SHIP member company will always give you the right to remain in your property for the whole of your life [and where applicable, your partner's life]
More Details of these and other SHIP guarantees/criteria can be found at:http://www.ship-ltd.org
Please call us on 01392 258 553 to arrange your FREE initial consultation from a fully qualified Equity Release Adviser.
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