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Different types of Equity Release

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There are two main types of Equity Release plans – lifetime mortgages and home reversion plans. You may also see lifetime mortgages split down into lifetime mortgages, drawdown lifetime mortgages and interest only lifetime mortgages. As always, professional advice will identify the plan most suitable to your requirements.

Lifetime Mortgages

A lifetime mortgage could provide a tax free lump sum and enables you to retain 100% ownership of your property. The loan, including roll up interest, is repaid, when you or the last surviving applicant passes away or moves into long term residential care. The drawdown option allows you to draw down in stages following an initial lump sum release, and allows you to access the money when you need it; the interest only option allows you to make repayments to cover the interest.

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Home Reversion Plans

A home reversion plan means that you sell some or all of your property to a reversion company. You can stay in the property, rent free until you die or go into long term residential care. You generally need to be 65 or over to qualify for a home reversion plan.

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Professional advice

You can see that there are different types of Equity Release plans, which is good because it means that we can find one that is most suited to your circumstances and needs. It also means that professional advice is very important in explaining to you what each plan does and its implications for you, your family and your future.

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What my customers say about working with me

“When we decided to switch equity release plans to another provider we had no hesitation in again relying upon Kevin’s excellent professional services as he had previously advised us so proficiently. As expected, he was thorough and expeditious throughout and got us the best deal. We would highly commend Kevin to anyone considering an equity release plan”

Dr and Mrs P

What my customers say about working with me

“When we decided to switch equity release plans to another provider we had no hesitation in again relying upon Kevin’s excellent professional services as he had previously advised us so proficiently. As expected, he was thorough and expeditious throughout and got us the best deal. We would highly commend Kevin to anyone considering an equity release plan”

Dr and Mrs P

Why not get in touch and see how we can help?

Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back

Providers include

JUST
LV
ONEFAMILY
Pure Retirement
more2life

Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.

Unless you decide to go ahead, our service is completely free of charge as our usual advice fee of 1.99% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £1499.

A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.

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