EQUITY RELEASE

Equity Release allows you to tap into the value of your home and release a cash sum.

There are a number of different Equity Release options available which allow you to raise funds based on the value of your home, as a Lifetime Loan.

Releasing Cash From Your Home

With some Equity Release plans you are not required to pay off any capital or interest at any point during your lifetime. Effectively, the provider of the loan reclaims the capital (plus any accumulated interest) through the eventual sale of your property, once the final plan-holder dies or moves into long-term care. So, if you’re a homeowner, aged over 55 and looking for additional funds, then an Equity Release plan may be your solution.

Our Equity Release Advisors are qualified retirement planning specialists who can provide you with professional, impartial advice in order to plan a brighter retirement, specifically designed for you. To book your free, no obligation initial appointment, please contact Harris Begley on Tel 01736 366550 or email enquiries@harrisbegley.co.uk
Qualifying Factors For Equity Release:

* You must be aged 55 or over, have a property worth at least £75,000 and be able to release a minimum of £15,000.
* You must use the cash sum released to pay off any existing outstanding mortgage.
* You retain legal ownership of your home.
* You can safeguard a percentage of your home’s value with an inheritance guarantee.
* You’re protected with a no negative equity guarantee, so you, or your estate, will never pay back more than you receive from the eventual sale of your home.
* There are no monthly repayments. Instead, interest is added to the loan each year. The loan and interest are repaid in full, usually from the sale of your home, when you die or go into long-term care.
* Releasing equity can affect your tax position and eligibility for welfare benefits.
* Equity Release isn’t suitable if you have savings you could use instead, or would prefer to sell all, or part of your home, or downsize.
* It will reduce the amount of inheritance you can leave.

Qualified Retirement Planning Specialists

As qualified members of the Equity Release Council, Harris Begley are retirement planning specialists who can guide you through the options available to you. There are a number of areas that need to be considered to identify if Equity Release is right for you and if at any point we don’t feel that Equity Release is suitable, we will advise against it and suggest alternative solutions.

Your Home Is Your Asset 

The value of most homes has significantly increased over the last few decades, meaning that many people are asset rich through property wealth, but more limited in cash resources. A recent study by the Equity Release Council (the industry trade body which safeguards the needs of borrowers) has shown that more than 60% of over 55’s haven’t had their home valued since purchase. Typically, a house bought in the late 1990s has increased on average by 156%, meaning you may have more money tied up in your home than you think.

Peace of Mind In Your Retirement

Your retirement years should be a time to relax and really enjoy life.  A period when you are able to devote more time to hobbies and interests, spend time with family and friends, improve your home and garden or travel the world on a dream holiday cruise… Historically your retirement would have been funded by your personal and state pension, plus any other applicable state benefits, investments or savings you may have accrued. However, the economic climate over recent years has put a dent in some of those expectations for many, creating money worries when approaching retirement.  A well-chosen Equity Release scheme can alleviate these worries and pave the way to a comfortable retirement.

Equity Release is a lifetime mortgage or home reversion scheme. To understand the features and risks, ask for a personalised illustration.

Your home may be repossessed if you do not keep up repayments on your mortgage.
Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.