Equity Release Specialists

Equity Release Specialists

Equity release specialists are often deemed essential for individuals looking to obtain an equity release mortgage product. Products are often complicated, with the help of a specialist often required to obtain the most suitable and most affordable long term solution for any relatives or inheritance issues an individual may have. Our equity release specialists have years of experience in dealing with equity and are guaranteed to find the best possible solution for the individual.

An equity release mortgage product is an option for elderly individuals and those aged 55 looking to free up finances within their home in order to pursue other projects or to assist their day to day lives. Equity release mortgage products can come in either lifetime mortgage or home reversion format, with each product suitable to certain individuals and neither product suitable for others. The advice of equity release specialists will always be required considering the complexity of the product on offer and being sought, with the knowledge and expertise of equity release specialists often key in seeking the right mortgage deal.

Lifetime mortgages are available in three different formats; interest only, interest roll up and home income plan deals. The plan sought by the prospective equity release mortgagor will vary depending on the client’s circumstances and what they seek to obtain from their equity release package. Furthermore, certain products are only suitable for individuals within certain age ranges. For example, a rolled up interest lifetime mortgage is unlikely to be suitable for younger equity release clients due to the debt that accrues, whilst an home income plan option is likely to only be suitable for the over 80s when providing a fixed income for life.

Equity release specialists may also direct individuals to a home reversion equity release plan. Although the less common of the two main equity release mortgage products, home reversion products may be suitable for certain individuals and can guarantee long term financial stability for the elderly. A lump sum is typically paid by a specific company in order to free up extra funds for an individual in a home reversion product. The applicant can live in house until death, where the specialist company will gain a certain proportion of the proceeds from the sale of the property. Full home reversion and part home reversion schemes can be found for individuals, although the individual having to psychologically having to overcome the issue of owning a property to becoming the property’s tenant is often seen as an issue.

Although equity release specialists can help find the most suitable and affordable equity release products on the market, undertaking an equity release scheme may not be as beneficial to individuals as they initially appear to be. The extra income generated is likely to be taxed by the government, in addition to the state benefits one receives suffering and perhaps withdrawn. Once the reduction of state benefits and income tax has been taken off an individual’s daily lifestyle, the pursuing of equity release may not seem as financially attractive as it initially appears. Our equity release specialists have the ability to find the most effective forms of equity release on the market.

Due to the financial complexity of equity release products, before equity release specialists are sought it may be worthwhile for individuals to seek other alternatives to equity release in order to raise extra funds. The home improvements trust could help candidates looking to use equity release to improve their home, moving to a smaller or cheaper property is another alternative to equity release and arrangements with family or friends could also be found for individuals, often on an interest free basis.

Although the no negative equity guarantee is associated with a number of equity release products, certain deals can often be financially demanding for individuals and equity release specialists are often demanded to help individuals ascertain which financial path to take. The role of a financial adviser or equity release specialists could be the difference between long term financial stability and otherwise. Our team of advisers are devoted to obtaining the most cost-effective and promising equity release mortgage products for each client.

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This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.