Equity Release
Enjoy a better retirement
More and more people in the UK are enjoying a better retirement by using the value built up in their home. The Equity Release Plans offered by the members of Safe Home Income Plans (SHIP) carry a no negative equity guarantee i.e you will never owe more than the value of your home. The code of practice and other details of SHIP members can be found by clicking the link below:
Safe Home Income Plans
Brokerhouse only recommends Equity Release solutions from SHIP member providers.
What is Equity Release
To be eligible for an Equity Release Plan you must be over the age of 55 and own your own property.
An Equity Release Plan then allows you to release some of the value tied up in your home and can provide you with cash lump sums or a regular income or both. You do not have to make any repayments until your death or should you move into residential care, when the property will be sold.
Impartial Advice
Every persons situation is different, and we feel the most important starting point is for us to have a detailed understanding of your hopes and aspirations and your financial situation. We will then be in a position to advise you on your different options, help you understand how each works, the pros and cons, and which solution (if any) might be most appropriate for your needs.
Releasing money through your home through an Equity Release product may affect your tax position and your entitlement to State Benefits. It will have an effect on the amount you are able to leave your beneficiaries on your death. For these reasons we carry out very careful checks and feel that it is good idea to involve a close family member in your decision making process.
How much can I release?
After discussing your needs and finding out more about your circumstances, we will provide you with a comparison of all the products available to you. Different providers allow you to release different amounts, based on your age and the value of your home. The rates of interest they charge is also different. We can then use this comparison to establish which product fits your needs best and will then go on to provide a Key Facts Illustration which details everything you should need to know about that providers scheme.
The two main types of Equity Release Plans that are available are Lifetime Mortgages and Home Reversion Schemes. Both types of plans allow you to remain living in your home and release cash to be used for whatever purpose you wish. For more information on these plans click on the links above.
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