Equity Release & Retirement Advice
Get independent advice on how to use access tax free cash from your property to fund your retirement
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Are you over 55 and looking for ways to fund a comfortable retirement?
Your home is probably your biggest financial asset.
Equity release allows you to access some of the value tied up in your home and turn it into tax-free cash to use however you want, such as:
· Home improvements
· One-off purchase e.g. new car, caravan or holiday
· Enable a more comfortable retirement
· Help friends or family members financially
How does equity release work?
The value of your home, minus any outstanding mortgage, is described as your ‘equity’.
An equity release plan is a way of accessing extra cash without having to move.
To qualify for an equity release scheme, you must be a homeowner aged 55 or over, or if the property is jointly owned then both parties must be over 55.
With some equity release plans there are no repayments to make and with a lifetime mortgage, you continue to own your home.
Plans all come with a ‘no-negative equity guarantee’ which means you will never pass on debt to loved ones, and some plans include an option to guarantee an inheritance.
Get specialist equity release advice
We know this can be a big decision for you to make, which is why we’ve teamed up with the UK’s number one equity release advisers, Age Partnership.
As our trusted Partner, the Age Partnership advisor will make sure you understand all the options available to you
At your free consultation, you’ll find out everything you need to know about equity release and whether it’s right for you.
Our expert says…
“People come first. We wouldn’t want to advise a client on a decision to make with their home using equity release until we knew how they wanted to live their life.”
Louise Rudd, Equity Release Team Manager
Equity Release & Retirement
We can help you make the right decisison for you and your property.
What is equity release?
Equity release is a method of converting the equity of your home into cash. If you’re 55 or older, you can access – or’release’ – the equity (cash) in your property through a variety of schemes. You don’t have to be completely debt-free to do this.
Lifetime mortgages and home-reversion plans are the two primary types of equity release. The lifetime mortgage, which is aimed at homeowners aged 55 and up, is the most popular of them. It allows you to borrow against the value of your property while maintaining full ownership of your home for the rest of your life without making monthly payments.
After the homeowners pass away or enter long-term care, the equity release loan, plus interest, must be repaid. Repayment is usually accomplished by selling your home. However, if other options are open to the executors of your estate, they can utilise them to repay the loan.
How much interest do I pay on equity release?
The interest on your lifetime mortgage will depend on how long it runs for and what type of plan you choose. For a full in-depth guide to interest rates, you can visit our write up on equity release interest rates.
How much equity can I release from my home?
The amount of equity you can release from your home is dependent upon various variables such as your age, your health and the value of your home. You can find out using our equity release calculator. The calc will take your age and your value and give a value that can be released. You can then discuss your results with an advisor if you wish.
Is equity release safe?
Equity release is perfectly safe providing you are using professional and regulated equity release providers, here at Joslin Rhodes we only work with providers that are are approved by the equity release council. You can find out more about equity release scams here.
Are they any alternative to equity release?
Equity release can be a great way of freeing up funds locked in your home. However, as financial advisors, we would look at your overall situation and financial assets to help produce the best solution for you, including looking at your pension and savings. We have a guide that compares various alternatives to equity release here.
Equity Release Information
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