Not everyone has been able to save enough for retirement, and although there may be money locked up in your home, making ends meet may be your biggest priority. Finding the capital to upgrade or maintain your home may also be difficult if your own savings are limited. One way of generating income or a lump sum can be through an Equity Release mortgage. This is usually for people who are at least 55 or over and are a homeowner, and who have either retired, have little savings, or are on low income. Unlike a conventional mortgage, an equity release mortgage can be set up with no monthly repayments. This means that interest is rolled up, and your mortgage balance increases over time. Obviously the value of your estate would also be reduced in these circumstances. There are many different options when considering an arrangement of this type, including various styles of equity release mortgages, and home reversion plans. The potential effect on your estate has to be considered, together with potential effects on your future financial and personal circumstances. For example, your entitlement to state benefits may also be affected. Therefore it is important to seek qualified independent advice. At Edward Wilson Financial Services, we specialise in equity release, and recognise that many clients will need carefully considered whole of market advice in the years ahead. We not only advise in terms of the mortgage, but also help you to assess the overall impact of different courses of action, and judge whether an equity release arrangement has more advantages than drawbacks. A free consumer guide is available to view or download from this website, and if you would like a professional appraisal of your situation, we would be very pleased to hear from you. Equity release schemes may work out more expensive than alternatives such as downsizing to a smaller property.

 

Equity release schemes may work out more expensive than alternatives such as downsizing to a smaller property.

 

Equity release refers to Home reversion plans and Lifetime mortgages. To understand the features and risks ask for a personalised illustration.

For Equity release we can be paid a fee, usually £500 or by commission.

 

For Equity Release we usually act as introducers only.