Talk to us for Equity Release Advice and we’ll explain how you could use the value of your home to give you more options in retirement
Your home is probably your biggest asset. Although the equity you’ve built up over the years is a great asset, it’s important to get impartial, professional advice before you consider unlocking its value to help fund your retirement. We’ve given equity release advice for many years and can help you plan effectively for later life.
What is Equity Release?
In simple terms, it is away of releasing the equity you have in your home, to help fund your later life. This can come in the form of a lump sum, an income, or a combination of the two. As people continue to live longer and need more money to get through retirement, equity release can give you an extra option for releasing money as and when you need it.
How does Equity Release Advice benefit you?
Equity Release involves your home – probably your biggest asset – and there are a number of different options available. So, professional advice is key to ensuring that you find the right equity release options for your future needs.
Your options for Equity Release include:
- Lifetime Mortgages – This option lets you release a lump sum from your property, whilst still retaining ownership. The amount you withdraw will then accrue interest, which is added to the amount you draw down. The total amount is then payable upon sale of the property.
- Drawdown Lifetime Mortgages – This is very similar to a Lifetime Mortgage, but gives you the extra flexibility of drawing down money as and when you need it, rather than as a lump sum. Because the interest only begins to accrue as you draw money down, this could save you money in the long run if you don’t need all of the money up front.
- Home Reversion Plans – Unlike with Lifetime Mortgages, this option does involve signing over a proportion of your property to a reversion company. However, you would typically be allowed to continue living in the property free of charge for the remainder of your life.
Because of the differences between these options, we strongly recommend that you seek professional advice. We will discuss your individual circumstances with you, and help you decide which option is best for you.
Why should you deal with JM Glendinning for Equity Release?
We’re an independent family business, established in 1987 and regulated by the FCA (Financial Conduct Authority). What’s more, our adviser – Andrew Pyrah – is a member of SOLLA (Society of Later Life Advisers) – a specialist accreditation body for financial advisers with specific knowledge of financial needs in later life. Our Later Life Planning service spans Equity Release, Long-Term Care Insurance and Prepaid Funeral Plans.