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 lifetime 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 advice. At Edward Wilson Financial Ltd, we recognise that many clients will need carefully considered whole of market advice in the years ahead, and and can refer you to experts in the field. 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.

 

The firm is authorised for Lifetime Mortgages, but not for Home Reversion plans. However, we do not specialise in either type of advice. Therefore we will act as introducers to another regulated firm if a Lifetime Mortgage or Home Reversion plan is suitable for your needs.

 


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