You are retired, or nearing retirement.

You have dreams.

You want to travel the world, renovate your home, buy a new car, or pay off your mortgage.

You just don’t have the funds to do it – or maybe you do?

How much can you release?

If you are aged 55 and over, and a UK homeowner with a minimum value of £70, 000, you could potentially access a proportion of the value of your property as tax-free cash lump sum, and remain living in the home you love.

The amount you can release depends on several factors:
In many cases, you maybe able to release between 20% - 60% of the value of your property, but everyone’s circumstances are different.

• Your age
• Health
• Value of your property
• Suitability of your property for a release of equity
• The amount of equity you have in your property
• Your affordability

What factors affect the amount of equity release?

There are 2 main factors considered by the equity release lender:

1. The value and suitability of your property

The lender will arrange for a valuation for your home to assess it’s current market value and take into account its construction type, position, general state of repair, any debts held against the property, and other factors (for example and not limited to) if it is a listed building, if it is a freehold or leasehold property, it’s proximity to any commercial properties and is it subject to a potential risk of flooding.

2. Your age and health

The equity release lender will consider how long you may live depending on your age, current health, previous medical conditions and other lifestyle factors. For joint applications, this will mainly look at these factors for the youngest applicant.

Essentially, the lender wants to know that there is enough equity in your property to be able to finance the loan, and for how long you are likely to need the loan.

Do you have to pay back the equity release loan?

Like a conventional mortgage, you have choices in how you pay back the loan to the lender; you may choose to make regular monthly or annual payments of interest or interest and capital. Unlike a conventional mortgage however, instead you may choose not to make regular repayments but prefer to make occasional or varied ad hoc payments. Alternatively, you may choose to allow the capital and accrued interest to roll up and compound over time and never pay a penny for the lifetime of the loan.

However, whatever method you choose, the full value of the existing loan plus the accrued interest needs to be paid back to the lender when you die or enter into long term care (or, in the case of a joint application, when the last of you dies or enters into long term care). For those wishing to move house and have an equity release loan, there may be the option to port the loan to the new property accordingly. If this cannot be done, then the loan plus accrued interest must be repaid. Early Repayment Charges may also apply.

What’s involved in equity release?

It is essential that you seek the advice of an experienced, qualified equity release specialist before considering any action as they will tell you if equity release is the best option for you.

If you decide to go ahead, you will need to find an equity release solicitor – many advisors can direct you towards a reputable firm - and then you will be contacted by the lender to arrange a valuation of your property. If the lender is happy with this valuation then they will make you an Offer Of A Lifetime Mortgage.

The equity release solicitor, your equity release advisor and the lender will communicate and liaise with you as necessary to ensure that the process runs as smoothly as possible to enable the completion of your application and the release of your funds.

Would you consider releasing equity from your property?

So, that’s how it works in simple terms. If you would like to have a casual chat to discover your options, leave a comment on our website or Facebook page and we will be happy to help you.

Time to live out your retirement dreams? – why not!

References:

How to release the equity in your home | The Independent | The Independent

The recent increases in interest rates have had a significant impact on everyone’s financial situation; the cost-of-living crisis, financial planning and the inability to save, to name but a few. Needless to say, the equity release market has also suffered an impact, yet has been affected in an unexpected way.

Essentially the number of new equity release customers decreased in the last year, yet this year the number of active customers in Q2 rose 2% from the previous quarter with June seeing the highest point of the year so far.

Interestingly, many new customers are choosing drawdown lifetime mortgages rather than a single lump sum. A drawdown lifetime mortgage allows them to only take what they need in the short-term with the option of making extra withdrawals in the future as required. This helps them limit the effect of compound interest being added to their loan by only taking what they need for now. Supporting this, the ability to make optional repayments also keeps the compound interest down making equity release products more attractive to potential customers concerned about repaying the loan.

The gap between the rates of residential and lifetime mortgages has continued to narrow due to several socio-economic factors; people are living longer, their retirement savings remain insufficient to fund their later life needs, the desire to help their loved ones or simply give themselves a good quality of life. These factors remain influential reasons for choosing a lifetime mortgage.

The flexibility provided by the wealth of innovative new products now available on the equity release market are proving crucial in helping UK homeowners aged 55+ to meet their financial needs and help them avoid a later life financial crisis. Affordability tests for capital repayment or interest only mortgage or loan options, along with among other factors, are making it difficult for later life borrowers to access the funds they need to live the retirement they would like. This is where equity release products are presenting them with a real option to meeting their financial needs should they fit the required criteria and if it is advised to be the best option for them.

As always, seeking professional advice from an experienced equity release specialist is vital in order to help customers to fully understand the options available to them. Kevin Woods has been working in the financial industry for over 25 years, specialising in equity release since 2012. He is able to offer a free consultation without commitment of any kind should you wish to consider how equity release could be of benefit to you.

The market is looking cautiously optimistic and is maintaining a strength of presence that is providing a real financial solution to later life customers in need of financial support. The economic climate may shake us but it won’t break us – there is still a lot to look forward to so watch this space.

Source: 31 July 2023, Equity Release Council: Q2 2023 equity release market statistics.

The equity release market continues to adjust to the economic climate providing products to help customers access the finances they now need.

The cost-of-living crisis has affected everyone; individuals, self employed and businesses of all sizes. The equity release market is witnessing a new wave of customers who are turning to later life lending because they now ‘need’ the money rather than ‘wanting’ to have more accessible wealth.

In response, the equity release market provides new product solutions and more access to later life lending products that could potentially meet customer needs.

It seems that nowadays many people have insufficient pension wealth or income but big interest only mortgages that need to be repaid and which are much higher, on average, compared to a few years ago. Where customers have no alternative means of responding to this predicament, equity release could be a welcome solution. For a UK homeowner, aged 55+, equity release (also known as lifetime mortgage plans) could allow them to enjoy retirement to the full. The plans allow customers to unlock money tied up in their homes as a tax-free lump sum to use as they need. This has to be balanced against the ultimate potential reduction to the eventual estate and It is vital therefore, that anyone considering equity release talks to an experienced, qualified expert who is regulated by the Financial Conduct Authority. It is important to seek unbiased, whole of market, advice from a professional who will only ever suggest equity release if it is truly the right option for the customer.

Looking ahead, with interest rates hopefully falling and property prices stabilising, the equity release market will continue to respond to customer needs and provide product innovations to help them with their financial futures. The market may seem smaller nowadays, but it continues to thrive in a new and different direction and is still the lifeline that so many people can greatly benefit from.

Source: https://www.mpamag.com/uk Sept 15 2023

Thousands of older people are at risk of seeing their retirement plans jeopardised due to the current struggles with the economic climate. With interest rates rising and the cost of living constantly increasing, many are entering retirement with unpaid debts and insufficient savings to comfortably finance their future.

The equation is simple: there is simply not enough money coming in to meet the demands of the costs going out.

With retirement on the horizon, or already in their retirement phase, many people nowadays are having to rethink their plans. Instead of focussing on how to enjoy spending their retirement funds, they are having to consider how to find the money to pay for the essentials during their golden years. Some are choosing to work longer hours, or even return to work to guarantee some form of income when their pension pot is not enough.

Between April and June 2022, drawdown savers withdrew £3.6billion of flexible pension funds according to HMRC data, up 23 percent on 2021. However, continuing to withdraw unsustainable amounts from their pension pots leaves some at risk of ‘running out’ of funds in the long run (1).

Will Hay, CEO of Key Retirement, says that almost a million of pensioners will find it difficult to repay their borrowings as the cost of living continues to rise (2).

So, what could be the solution?

An increasing number of older people are turning to equity release lifetime mortgages as a way of financing their retirement.

With careful consideration and the advice of an experience qualified Financial Advisor like Kevin Woods, equity release allows homeowners aged 55 and over to release a percentage of their property value as tax-free cash, whilst retaining ownership of their home. It can be used to generate essential cash, pay back existing loans, clear the mortgage, or to use as a retirement income for example.

Like any other mortgage, an equity release lifetime mortgage needs to be paid back to the lender, but with equity release, there are many options available. Some choose to pay back the interest on the loan and/or the capital in monthly or yearly instalments. Others choose not to make any payments and allow the interest on the loan to roll up. Then the final amount to be deducted from the value of their property when they either die or enter long term care. Some chose to protect a percentage of their property value for their eventual beneficiaries whilst releasing equity on the remaining value. The fact is that every plan is tailored to suit the different needs of the individual.

Equity release is not the right option for everyone, as it could reduce the value of your estate and the amount left as an inheritance for your loved ones. It is vital that you seek advice from an experience qualified professional like Kevin Woods before considering taking out an equity release lifetime mortgage. Kevin will discuss your specific circumstance, your plans and ambitions and only recommend equity release if he thinks it is the best option for you.

Ref:

1. And (2): Daily Express, Jan 11th 2023

Yesterday’s news, 22 June 2023, by the Bank of England raising interest rates to 5% signified the 13th consecutive rise, placing homeowners on variable mortgages under the weight of increased monthly mortgage payments. We have experienced an increase in enquiries from concerned individuals who are troubled by the escalating costs of their base rate tracker mortgages, with financial anxieties reaching a new peak. Fortunately, there might be a solution: equity release. With the potential benefits of equity release offering the possibility of replacing existing mortgages, along with the added flexibility to choose whether to continue making no or ad hoc monthly payments, this is a question which needs some discussion.

Understanding the impact of rising interest rates

With each successive rise in interest rates, homeowners face mounting financial challenges, especially those with fixed incomes or those coming to the end of their interest-only mortgage terms. These escalating monthly mortgage payments leave little room for discretionary spending, leaving a significant threat to the financial stability of those who are already retired or approaching retirement.

Exploring equity release

Equity release presents a way for homeowners to access their home’s equity without selling it. By leveraging age and property value, individuals can secure a lump sum of cash through an equity release plan. Typically, repayment is due with the property is sold or the homeowner passes away or goes into long-term care.

The benefits for the over 55s

If you are aged 55 or above and struggling with increasing monthly mortgage payments, equity release may offer a welcome relief. By replacing their existing mortgage with an equity release scheme, they gain flexibility to decide whether to make monthly repayments and at what level. The popular lifetime mortgage option eliminates the need for income and affordability checks, providing the freedom to make voluntary repayments of up to 10% per year.

Addressing financial challenges in retirement

Equity release proves especially advantageous for those who have retired, living on fixed incomes and burdened by outstanding mortgages. However, it is crucial to note that any existing mortgage must be repaid before or upon completion of the equity release plan but this can be done through the conveyancing process with your chosen solicitor. Conducting thorough research and comparing available options are essential steps to securing the most favourable outcome. Accessible resources offer accurate rates and tailored amounts based on individual circumstances.

Seeking professional advice

Given the strict regulations surrounding equity release by the Financial Conduct Authority (FCA), seeking professional advice is fundamental. Kevin Woods will provide invaluable guidance throughout the process, and will discuss all options available to you, ensuring well-informed decision that align with your individual needs. Kevin will only ever recommend equity release if it is the best option for you and your circumstances.

Considering risks and benefits

As with any financial decision, it is essential that you carefully consider the risks and benefits. Kevin will provide a comprehensive understanding, in clear and simple language of the personalised risks and features associated with equity release.

Take control of your finances

Don’t let the latest rise in interest rates weigh you down. Explore the potential benefits of equity release and the possible relief from increasing mortgage payments. Equity release may indeed offer you the opportunity to feel that you can regain control of your financial future amidst these times of financial uncertainty in the current climate.

If you would like to take the first steps towards a greater sense of financial freedom, contact Kevin on 01489 454545, or email kevin@laterlivingnow.com for a free consultation without commitment of any kind.

As we approach our retirement, many may feel overwhelmed by this new stage in their lives when the boundaries of responsibility and finances shift in a way not yet previously experience. Faced with endless days ‘free’ from the strict routine of the workplace, and with the conceived liberty to make choices as if you were a carefree child again, the prospect of how to finance your Golden Years may bring a sense of anxiety to many facing retirement, and more profoundly it seems to women.

Factors affecting women’s finances

Due to numerous social and economic factors, many women may find themselves with insufficient funds to enjoy the retirement they desire. Numerous factors may contribute to this predicament including gender pay gaps, divorce and family responsibilities. However, the outlook need not be as bleak as it may appear as there are financial options available to women including the increasingly popular possibility of equity release if women find the right advice available to them.

Why is there such a gender retirement gap?

There is a real concern about the retirement gap between men and women. Many women spend a lifetime earning less money than men even when employed in the same profession and many may also have experienced significant career breaks due to family responsibilities. Women often have to take on part time jobs to accommodate child-care demands, which limits their earning potential and ability to save for retirement. The bottom line is that often means women simply haven’t had the opportunity to earn, and therefore save towards their pension, as much as their gender counterpart

Divorce: a financial challenge for women

Divorce is also a significant factor in this disparity. When in a relationship, many women may rely on their partner’s income to finance their shared life together and the idea of being financially independent may not have occurred to them. However, after divorce, some women may be left with a new financial situation they had not prepared for. Divorce may result in some women receiving a reduced share of the previously combined pension or retirement savings along with new financial responsibilities they must face alone. Some may be left without the family home or be forced to buy their ex-partner out of the previously shared property. With mortgage payments and household expenses now in a different category than before, some divorcees may have to face financial austerity even before they retire, hence thoughts towards their financial future seem to drift further away.

Widowhood and longevity

Widowhood cannot be ignored here either nor the fact that a women’s longevity may indeed leave her at a financial disadvantage; in both cases, the need for financial independence and some professional support to manage their finances effectively is paramount.

Planning for financial stability and peace of mind

When faced with the unique challenges of women in retirement, equity release may offer a practical solution to bridge the financial disparity with men and help our female clients enjoy the retirement they deserve to enjoy. As an equity release specialist, I have helped numerous women facing retirement to explore all the options available to them and make informed choices based on their needs and desires. If I believe that equity release is the best option for them, I fully explain the benefits and challenges of accessing the wealth in their property to supplement their retirement income, cover their expenses and enjoy the quality of life they deserve. By allowing women to make the choice, it empowers them to have greater responsibility over their finances and their futures.

Equity release could offer a practical solution to women facing these financial challenges in retirement. It’s important that women empower themselves financially and start to explore and research all options available to them as early as possible in their financial planning. It’s about providing women with the information, advice and support to feel a greater sense of financial stability and peace of mind about the future ahead of them in their Golden Years.

If you are considering exploring the options that equity release could provide for you, please contact me, Kevin Woods, for a free consultation without commitment or obligation of any kind.

Tel: 01489 454545, or email: kevin@laterlivingnow.com

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Connection is a powerful tool and essential for everyday life. According to the world famous lecturer in human behaviour Brene Brown, the absence of connection nearly always creates suffering on a multitude of different levels. In our world nowadays this suffering is overly apparent.

But how does this relate to your finances?

Feeling connected to your finances creates a sense of stability and helps you to feel safe. When you worry that you do not have the money to cover the essentials, you feel stressed and anxious, it affects your sleep and it dominates your every conversation. Having the peace to know that you can afford the life you are living is well, priceless.

What role could equity release play in creating financial security?

A Lifetime Mortgage is the most popular form of Equity release on the market nowadays and is helping many later life lenders access the wealth tied up in their properties to meet their financial needs and create the financial connectivity everyone needs.

Equity release enables the home-owner to borrow money against the value of their property whilst still maintaining ownership of their home and the right to live there for as long as they wish.

Last year a significant increase in homeowners aged 55+ chose to take advantage of this financial vehicle in order to finance the lifestyle they wanted to lead. Whether to pay back an interest only mortgage, fund home improvements or gift to a loved one, £5.5 billion of property wealth was unlocked through equity release in 2022 alone (KEY MM Q3, 2022).

The flexible features that could be available with a Lifetime mortgage have been an appealing factor for many homeowners and have improved year on year. Nowadays they can include the following:

• Fixed interest rate for the lifetime of the loan

• Right to stay in your own home for life or until you chose to leave the property (provided the property is well maintained and adheres to the conditions of the loan), you go into long term care or die.

• Ability to port the loan to a new property if you choose to move house (subject to lender requirements)

• Downsizing protection

• No Negative Equity Guarantee

• Partial capital payment options

• Options to pay back the loan in regular instalments, ad-hoc payments or allow the interest on the loan to roll-up and never pay a penny until the owner leaves the property, dies or goes into long term care.

• Inheritance protection

With so many features on offer, you can feel a greater sense of power and flexibility in how you manage your loan and the type of plan you feel comfortable taking out. Such financial connection to the back-drop of your golden years ahead is something that many have found to be so beneficial to later life living.

Advice is key

When it comes to your finances, being properly informed can help you feel more empowered which is why finding an experienced specialist is crucial if you are considering taking out Equity Release. Finding an advisor who is a member of the Equity Release Council and FCA, and who holds a solid reputation in his industry is vital.

Kevin Woods is an equity release expert who has earnt the reputation of being professional, honest and personable. He has helped hundreds of homeowners release the wealth in their properties and is always happy to offer advice to anyone wishing to do the same.

Should you wish to speak to Kevin and see if equity release is the right option for you, please contact Kevin on 01489 454545, or email kevin@latelivingnow.com for a free consultation without commitment or obligation of any kind. Connection is what matters nowadays. It could be the step you need to take to make the difference.

Following the sad loss of Queen Elizabeth II, we share the nation’s mourning for a cherished sovereign who provided us with a lifetime of strength and service through times of both joy and adversity.

Her devotion and dedication to her country and her people resulted in a love and admiration towards a woman who will be remembered as one of the most dignified and tenacious female leaders of our times.

Our prayers are with the King and the Royal family.

How to access more money in a time of financial volatility? Equity release is proving to be an increasingly popular choice for later life borrowers.

The equity release market for new lending and plan sales has reached yet another unprecedented record high. According to Key’s Market Tracker,the amount of equity customers want to release, and the percentage of over 55 year old eligible for a lifetime mortgage who are choosing to turn to their housing wealth to support their finances has never been higher.

Read more about this in our next blog coming soon!

Review, Switch and Save!

Do you have an existing equity release plan? Has it been reviewed recently by an expert? It could be time to look at your existing plan to see if you could switch to a cheaper deal.

Equity release plans in the past had generally higher rates than in today’s competitive market and you could find that your current plan may be costing more than it needs to be.

Nowadays, interest rates are extremely competitive and equity release plans could offer rates as low as 2.9% APR* This is good news if you already have a plan as you may be able to switch your existing higher interest rate lifetime mortgage to a new plan with a lower interest rate and potentially save yourselves £1000s in interest.

How does it work?

Essentially getting a new deal is the same as taking out an Equity Release plan for the first time. As your specialist advisor we would look at your age, health and current value of your property, and consider the actual value of your existing loan and any associated Early Repayment Charge (not all plans have this penalty included). Even if there is an Early Repayment Charge, overall it may still be cheaper to get a new loan.

We would then find a new plan at a lower rate of interest which would be used to pay off the original loan, and any Early Repayment Charge if applicable, and potentially allow you to release further funds from the value of your estate if desired. The new plan may also have additional benefits which did not exist in your old plan such as downsizing options, drawdown facilities, free optional repayment of the loan, free repayment on death of the first life, and inheritance protection.

Switching plans needs careful assessment and your current circumstances need to be taken into account which is why it is essential to speak to an experienced equity release specialist.

Talk to Kevin

If switching plans is something that you would like to consider please contact Kevin Woods on 01489 454545, or at kevin@laterlivingnow.com for more details.

*The overall cost for comparison is 2.99% APR. Stated rates correct as of 6 April 2021. The actual rate that you receive will depend on your circumstances. https://www.keyadvice.co.uk/equity-release/change-your-existing-plan

How you can help reduce the spread of COVID-19 (source: Public Health England)

1. If you have been in contact with someone with coronavirus or have returned from an affected area identified by the Chief Medical Officer as high risk and you are feeling unwell with a cough, difficulty breathing or fever, stay at home and use the NHS 111 online coronavirus service or call NHS 111.

2. Wash your hands more often than usual, for 20 seconds using soap and hot water, particularly after coughing, sneezing and blowing your nose, or after being in public areas where other people are doing so. Use hand sanitiser if that’s all you have access to.

3. To reduce the spread of germs when you cough or sneeze, cover your mouth and nose with a tissue, or your sleeve (not your hands) if you don’t have a tissue, and throw the tissue away immediately. Then wash your hands or use a hand sanitising gel.

4. Clean and disinfect regularly touched objects and surfaces using your regular cleaning products to reduce the risk of passing the infection on to other people.

In these challenging times, it is important that we all look after each other. We must be particularly vigilant of the sick, vulnerable and elderly and support them as much as we can, including the need to keep ourselves strong and well.

At Kevin Woods we will endeavour to help you in whatever way we can and we are always here to offer support and advice, as far as possible, to all our clients and their families.

Keep safe everyone

Ask most parents what they want for their children and they would most likely say for them to be happy, healthy and financially secure. Financial security often means having a well-paid job and your own house to live in. Yet nowadays, stepping onto the property ladder for many people seems out of reach due to the recent rise in house prices alongside a sluggish growth in wages. Most mortgage lenders would lend you on average 4 times your single or combined spouse salary, and for many people nowadays this just isn’t enough to purchase a property. The shortfall seems to be in the ability to put down a larger deposit – and this is where the ‘Bank Of Mum And Dad’ could help out.

The BANK OF MUM AND DAD – the new major lender in UK housing.

If a willing contributor has accessible savings to contribute to a deposit then this could be the answer to the deposit problem. Nevertheless, realistically we don’t all have a hidden pot of money at our disposal to use as we please. Or do we? If you own your own home, are aged 55+ and live in the UK then the money tied up in your home could be released to assist a loved one in purchasing a family home of their own.

Equity release – help your loved ones get onto the property ladder.

Gifting is a financial tool you could use Equity Release for. If you are a home-owner then you could release some of the equity in your property to gift to a loved one to help them buy their first, or even second home.

So how does it work?

A Lifetime Mortgage allows you to release money from your home without having to move. It’s a loan that is secured against your property, at a fixed rate of interest that can be taken out either as a lump sum or spread over a number of years using a drawdown facility. Like a traditional mortgage, you can choose to pay back only the interest on the initial loan or pay back both the interest and the capital in regular monthly instalments, subject to criteria. However, unlike traditional mortgages you also have the option to make monthly repayments and let the interest roll up to be repaid from your estate along with the original loan amount once you or the last surviving applicant dies or goes into long term residential care. Whatever Lifetime Mortgage plan is most suitable for your personal circumstances there will always be a ‘No Negative Equity Guarantee’ meaning that you will never owe more than the value of your estate and you can stay living in your own home.

Equity Release – a gift you could give to your children

The first step onto the property ladder has always been difficult but in today’s financial climate it seems to be further out of reach for many than it ever has been. If gifting to your children through Equity Release is something that you would like to consider, in order to help them make that incredibly difficult leap onto the first rung of the housing ladder in a seemingly impossible housing market, then why not contact Kevin Woods on 01489 454545, or at kevin@laterlivingnow.com to discuss your situation in confidence and without charge or obligation of any kind. After the gift of life, it could be the best gift you will ever give to your children.

Most people have invested a lifetime of love and memories into their homes and when they get older they want to remain living in the place they have made their emotional nest and physical place of comfort. However, the body fails and the mind drags and the ability to remain living independently in our own homes can become a challenge. Not only does the physical environment hinder us with stairs to climb, bath tubs to negotiate, and shelves to access which seem to have grown out of reach, but the mind forgets how to follow the daily tasks necessary for comfortable existence. The options may seem simple: move to a care home where you are looked after around the clock or stay in your own home and pay for daily help and home adaptations.

Easy to decide? Not really, as money is involved in both options and we do not all have access to the funds needed to keep us, or our family members living safely in their own homes. You could apply for funding from your local authority but if you do not meet the requirements of governmental help, you may not be able to afford essential domiciliary care costs and interior renovations, and this is where Equity Release may be able to help.

A Lifetime Mortgage, the most popular type of Equity Release, involves taking out a loan against your property, currently with low annual interest rates, and you can choose to make ad hoc payments over a period of time. Having access to some of the funds which are currently tied up in your property could enable you to finance domiciliary care in the home or make necessary adaptations to the house for example by installing:

• ground floor toilet
• stair lift
• fitted handrails
• ramps
• showers

Furthermore, the money could be used to pay for domiciliary care and the comfort of knowing that someone will regularly visit you to help with medical care, daily chores and reassuringly provide a source of regular company and conversation.
You have worked hard to create a loving home and you have every right to want to remain living in your place of emotional comfort and connection for as long as you desire. By using the funds you could release through Equity Release this strong desire could become a real possibility for your future living arrangements. You will not need to use your wings to fly from your nest, rather you can ruffle your feathers in the comfort of knowing that you are still happily at home.

If you would like to access funds to provide a regular income to pay for care costs, or money to finance property adaptations, releasing some of the equity in your property may be a welcome solution. If you own your own home, are aged 55+ and live in the UK, then why not talk with Kevin Woods on 01489 454545, or contact kevin@laterlivingnow.com to discuss your Equity Release options in confidence and without obligation or fees of any kind.

Your care, your home, your choice

Many 55-year-olds still have dreams and aspirations they would like to accomplish within their lifetime and see their pending retirement as a time to finally take steps to achieving these goals and ambitions.

For many people, retirement is an exciting time when they have the freedom of time to explore the incredible experiences that life has to offer which surprisingly is not always money related.

Popular retirement ambitions include:

• Foreign travel
• Buying a sports car
• Volunteer work
• Learning a foreign language
• Taking up a new sport or hobby for example golf, mountain climbing or sailing
• Downsizing their home
• Paying off their existing mortgage

Thankfully, optimism still prevails amongst the Legal and General survey participants who provided these statistics * and more than half considered they still had the time to achieve these goals in their retirement!

Remaining curious about life and wanting to fully participate in the wide array of beautiful opportunities that life has to offer is healthy and promotes longevity. Nobody really wants age or circumstances to stop us doing what we want in life, do we? However, our perception of reality often leads us to believe that our dreams cannot be fulfilled, that our health is not strong enough, or that our finances do not lend the extra capital needed to pursue such ambition.

We have the dreams, but do we have the means?

It seems that once again the number one barrier in preventing us from achieving our dreams - and this is true for any age group - is money. The magical, mysterious, yet malicious M-word. After paying the obligatory life-style bills to keep a roof over our heads and food in our bellies, not everyone has the extra cash to fund their life-style ambitions and pleasures. Some of us have tried to organise our finances so that in retirement, when a professional salary may or may not be contributing to our income, we can rely on investments or savings to fund our lifestyle. But what can you do if money is short, if the M-word is meagre and if the barrier between our flight towards freedom and our stationary existence is not budging? Consider releasing some of the equity in your property and learn to fly again!

What is Equity Release and how does it work?

A lifetime mortgage, the most popular type of Equity Release, allows you to release money from your home without having to move. It’s a loan secured against your property which can be used to provide you with an additional source of income to top up your pension for example or finance your ‘to-do’ list of life goals.

It’s really very simple: you have been repaying your existing mortgage on a monthly basis for years and built-up equity in your property. With the equity you have built up in your property you could access some of it through Equity Release. A Lifetime Mortgage lets you regain access to some of that money to use in a variety of ways. You can choose to make ad hoc payments to reduce the outstanding balance or allow the interest to roll up, this is then repaid when you or the last remaining applicant passes away or goes into long term care.

It is so important to us, as individuals that we feel fulfilled in life, that we have the financial freedom to be able to achieve our desires and that we have the power as individuals to choose our own future, as much as is reasonably possible.

It is important to us, as a company, that we can support the kind of exciting and meaningful life experience that our clients wish to achieve. If you think that Equity Release may be right for you, please feel free to contact Kevin Woods on 01489 454545 or email kevin@laterlivingnow.com to discuss your situation in confidence, and without charge or obligation of any kind.

*Legal and General Home Finance Limited. Q0057544/SUB0192780/Aug 2018

But it doesn’t have to be that way because a solution to your financial concerns could be already sitting right there on your doorstep – wrapped up in your house. And it’s called Equity Release.

But what is Equity Release and how could it solve your financial worries?

Equity Release is simple. You have been paying your mortgage for years, month after month putting money into a fictitious ‘pot’ which is buying the very house that you are living in. No matter how ‘full’ the ‘pot’ is, that money is still yours, except that rather than looking like a bank note, it looks like bricks and mortar. So now, you have the wonderful opportunity to convert the bricks and mortar back into cash and use in a variety of ways without having to move or sell your house.

So how does it work?

With a lifetime mortgage, the most popular form of equity release, you take out a loan against the value of your property, knowing that you don’t have to pay anything back unless you choose to and you can stay living in your own home. The money and rolled up interest added on can be repaid from the sale of your home when you either decide to downsize, or the last surviving applicant dies or moves into long term residential care.

How can I use the money?

In a variety of ways! Most people who apply for Equity Release - the most common example of this is a Lifetime Mortgage - use the money to fund home improvements or that dream holiday. Some desire cash to supplement their income, pay off existing debts or to help their children onto the property ladder. The number and flexibility of plans on the market nowadays means there’s a variety of plans to meet your needs.

With a lifetime mortgage, you can access the money as a lump sum or use a draw down facility allowing you to access an agreed sum now and additional funds later.

You can make ad hoc payments, or simply allow the interest to roll up and it is payable, along with the initial loan amount, when the plan comes to an end typically when you die or move into a care home.

So, the excitement of the New Year and your financial ambitions could indeed become a reality.

Whatever the reason, if you are aged 55 + and own your own home worth over £70,000, then Equity Release could be a wonderful resource enabling you to become ‘financially fit.’

If would like to discuss your situation in confidence, and without charge or obligation of any kind, please contact Kevin Woods on 01489 454545 or contact kevin@laterlivingnow.com

How you could top up your pension income

Thankfully someone has been thinking of you and your predicament and come up with the genius idea of releasing some of the equity in your property to provide you with a monthly income through an Income Lifetime Mortgage.

So how does it work?

A lifetime mortgage allows you to release money from your home without having to move. It’s a loan that is secured against your property which can be used to provide you with an additional source of income to top up your pension for example. So, you can take out an initial lump sum to help you adjust to your new financial lifestyle, then set up a plan to provide you with a monthly income over a fixed income term.

Interest is added to the amount you owe each month, often referred to as compound interest. You can choose to receive an income from your lifetime mortgage over a period of either 10, 15, 20 or 25 years. Once the fixed term comes to an end the monthly income will stop, but interest will continue to roll up until the lifetime mortgage is repaid.

What if I do not have the means to repay the lifetime mortgage?

No worries! You never have to as the loan and the property work together to enable you to live your life and never have to worry about repaying the loan. Your house will look after you! You can’t make any repayments whilst receiving the monthly income anyway so you can relax. The lifetime mortgage is usually repaid from the sale of your home when you, or the remaining applicant (if the mortgage is in joint names) dies or moves out of your home into long term care. Naturally, any money left from the sale of your property after the loan has been repaid will be left to your beneficiaries.

What can I use my monthly income for?

A variety of things!

Without the additional funds provided by your income lifetime mortgage, many of these luxuries could be out of reach - but they needn’t be. If you are aged 55+, live in your own home worth a minimum £70, 000 in the UK, and require a regular monthly income for a fixed term then you could apply for this, enabling you to stay in your home in comfort for as long as you desire.

• Provide additional income
• Holidays and trips
• Home improvements
• Pay off existing debt
• Help loved ones through gifting

If having an Income Lifetime Mortgage appeals to you, contact Kevin Woods on 01489 232036, or at kevin@laterlivingnow.com