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Specialist Equity Release Advice
At True Bearing, an increasing number of our clients are considering Equity Release as part of their overall retirement plan. We can guide you through the Equity Release process, ensuring that you understand the different types of products available and advise which one may be more suitable for you. We understand that you may have questions about the process so we will listen to you every step of the way and match you with the right product to your needs. We also believe in transparency and will always explain the true costs so there are no hidden surprises.
Arranging to speak to a Financial Adviser about Equity Release is easy and fast. Call 01257 260011 to arrange your first no-obligation appointment at our expense, or fill out our contact form to request a call back.
Equity Release Mortgage
Equity release is a simple concept which can be life changing for some, but good financial advice is required in order to avoid common pitfalls around the process. By releasing equity from your home, you can benefit from the value of your home without having to move out of it. You can either take out a loan secured on your home, or sell part, or all, of your home to give you a regular income or a lump sum, or both. There are several different types of Equity Release products on the market.
In the past, Equity Release may have had negative connotations, but the industry is now more tightly regulated. Therefore, this financial product may be suitable for a wider range of individuals than ever before. There is now increasing pressure for many on their retirement savings and income. Many people find themselves beginning retirement in the rather frustrating position of having a very valuable asset (their home) but a restricted income. By releasing part or all of the equity in the property, whilst continuing to be able to live in it, this situation could be eased.
Types of Equity Release
There are several types of Equity Release products on the market and each one has different benefits and implications:
- Home reversion plan
- Lifetime equity release mortgage
- Retirement interest only mortgage
You can choose to take a lump sum, a regular income or both. Your Independent Financial Adviser will be able to help you decide which approach is best for you and your personal circumstances.
There is a minimum age to be eligible, it is not possible to take equity release under 55. You will also need to own your own home.
Finding an Equity Release Adviser Near Me
By getting in touch with us today, you can book an introductory appointment with an adviser at our expense. During this no-obligation meeting, we will get to know you and your requirements so we will be in a position to begin the Equity Release advice process.
How True Bearing Can Help You
Part of the regulations around Equity Release mean that you cannot take Equity Release without receiving financial advice. At True Bearing, we can provide you with a qualified and experienced Financial Adviser who will be able to talk you through the Equity Release process.
True Bearing can provide you with the Equity Release advice that you will need to make an informed decision about whether or not it is right for you and your circumstances. To find out more, get in touch with us today to arrange a one-to-one introductory meeting at our expense. This will give you an opportunity to discuss your circumstances with us, so that we can advise you whether Equity Release is suitable for you and if so, the right product to meet your needs.
Equity Release may involve a Lifetime Mortgage or Home Reversion Plan. To understand the features and risks, ask for a personalised illustration. For Equity Release Advice, we charge a fee typically of £1495, plus any commission paid by the Lender will be retained by the Firm. Your home may be repossessed if you do not keep up repayments on your mortgage.
Frequently asked questions about Equity Release
What is Equity Release?
It is a process by which you release equity from your home so you can benefit from the value of your home without having to move out of it. You can either take out a loan secured on your home, or sell part, or all, of your home to give you a regular income or a lump sum, or both.
What are the different types of equity release?
There are three types of equity release. Home reversion plan, lifetime equity release mortgage and retirement interest only mortgage. During the equity release advice process, your adviser will talk you through which one might be best for you.
Is Equity Release right for me?
There are alternative solutions, some of which may even be better for you such as selling your current property and moving to a smaller property, claiming state benefits or using your savings or investments. Your financial adviser will look fully into your financial circumstances and explore other options before advising if Equity Release is right for you or not.
How old do I need to be?
To qualify for a Lifetime Mortgage you must be aged 55 or over. If you are taking out the plan with a partner, then the age of the youngest borrower must be at least 55. The minimum age is slightly higher for a Home Reversion Plan; you must be a minimum of 60 years old.
What can I use the money for?
You can use the money for whatever purposes you wish. Whether you are looking to improve your home, take the holiday of a lifetime, the list is endless and the choice is entirely yours.
How much will it cost?
There are costs involved in taking Equity Release, which will be made clear to you throughout the process. All charges must be discussed and confirmed in writing with you before you make any commitment. Some of these charges can be added to the loan, so you pay less up front if you wish.