your hobbies

Indulge in

Holiday of a lifetime

a deposit

children with

Helping

mortgage

existing

Repay your

grandchildren

Gifts to

fees

University

Take to the highway

fund

Retirement

your hobbies

Indulge in

Holiday of a lifetime

a deposit

children with

Helping

mortgage

existing

Repay your

grandchildren

Gifts to

fees

University

Take to the highway

fund

Retirement

Lifetime Mortgage / Home Reversion

Equity Release, is split into two areas, Lifetime Mortgages and Home Reversion Schemes. I only offer whole of market advice on Lifetime Mortgage products. Please see below for a description of each type of plan.

Lifetime Mortgage

Are you asset rich and cash poor? Having money tied up in your home could be accessed to give you capital or income. A Lifetime Mortgage, where you can release equity from your property, is certainly not for all, but for some it can be a life changer.

To achieve a Lifetime Mortgage the youngest borrower needs to be at least 55. The amount you can borrow is based upon the age of the youngest and a % of the value of your home. If you have health issues it may be possible to borrow more under an ‘enhanced’ product. The calculator on this site will give you the average amount you could potentially borrow, however, please feel free to give me a ring to have a chat where I can give you accurate figures and explain fully how Lifetime Mortgages can work for you.

As previously mentioned, the money can be used for anything legal. You may wish to repay an existing mortgage off, take a well-earned holiday, pay for private medical treatment, pay for care in the home, treat your children or grandchildren, essential home repairs, new car – the list is endless.

It is essential that you fully understand how an equity release product works prior to applying.

Every single financial decision you have made throughout your life will have advantages and disadvantages, and Equity Release is no different. As mentioned above, a Lifetime Mortgage is not for everyone:

Some Advantages

  • You retain full ownership of your home
  • You can take either a lump sum, have an additional draw-down facility, or take further advances in the future.
  • You can move home without incurring early redemption penalties by transferring the mortgage to a new home.
  • There is a no-negative equity guarantee. This means that if the house is worth less than the outstanding mortgage when the mortgage is repaid, the lender cannot take more than the value at that time.

Some Disadvantages

  • Unless you select to pay the interest on the loan, the debt will grow over the term of the mortgage as the interest is compounded ‘rolled-up’ on top of the loan
  • Your residual Estate could reduce in value. There will be less inheritance for your beneficiaries
  • It could affect State Benefit entitlement

I always encourage family members be involved in the discussions surrounding the appropriateness of a Lifetime Mortgage for my clients, everyone will have their own set of questions and concerns and I can answer them all for you. If you do not have a family, then perhaps a good friend could sit in the meeting. If I feel that a Lifetime Mortgage is not right for you, I will let you know.

Home Reversion

Home reversion schemes are where you sell all or part of your home to a company, to release a cash lump sum, regular income or both. Whilst you lose total or partial ownership of your home, you are allowed to carry on living in it until you die or move into long term residential care, paying no rent. As with Lifetime Mortgages, If you have health issues it may be possible to borrow more under an ‘enhanced’ product.

How much could I release?

Use our calculator see how much money you could release. Any outstanding mortgage will need to be paid off with the money you release.

This calculator is intended as a guide only. For accurate figures please get in touch to discuss your specific requirements.

Get in touch

For accurate information, suited to your individual financial circumstances, please call for a chat or complete the form below. It costs nothing to find out your options. We will never sell or inappropriately use your data.

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Carol Brown

equity release mortgage

Our Service

Lifetime Mortgages only

Equity Release Advisers have to hold a specialist qualification, which I have held for several years now and in this time I have helped many people release equity from their homes for a whole host of reasons. Take a look at the selection of case studies. I offer whole of market advice and our fees are:

At my expense …………..

  • Either a face to face or telephone meeting
  • Collation of all facts and information needed to make a personal recommendation.
  • A full and informative explanation of the types of Equity Release and their appropriateness to your situation will be made.
  • A recommendation of the product which is most suitable to you

Should you decide you wish to proceed with any recommendation made, our fees are £500 on application and £500 on offer of loan, we will be paid a fee from the provider of the Lifetime Mortgage for the processing of the application. Should you not have sufficient funds to pay these fees upfront, they can be added to the loan. Should you withdraw from the application process then these fees still apply.