Your home is likely to be your largest asset. Equity release is a scheme aimed at those aged over 50, providing the means to release some of the value in your home whilst still being able to continue living there.
Common reasons for releasing equity in your home include:
- Producing extra income
- Providing a lump sum to pay off debts
- Home improvements
- Helping your family
- A new car or holiday
Some issues you should be aware of when considering Equity Release:
- Equity can be released as a lump sum or a regular income
- Your age and value of your property and also sometimes your health determine the amount of equity that can be released.
- You can never owe more than the value of your home
- You can remain living in your home until you die or are moved into permanent long term care.
- Equity Release schemes are regulated by the Financial Conduct Authority
There are two main types of scheme, Lifetime Mortgages and Home Reversion Plans.
We do not offer advice on Home Reversion Plans (Home Reversion Plans are where you sell all or part of your home to a Home Reversion provider)
We are Specialists in providing Financial Advice to older people.
|Why use a SOLLA Accredited Member?
- SOLLA is a “not for profit” organisation.
- Members are specialists in advising older people on financial matters.
- Have been awarded the Later Life Adviser Accreditation which is independently audited and endorsed by the Government Body the Financial Skills Partnership.
- Follow a strict code of conduct.
WE OFFER A FREE INITIAL NO OBLIGATION CONSULTATION either at your home or our office in Northallerton.
To understand the features and risks of an Equity Release product, ask for a personalised illustration. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. A TYPICAL FEE FOR MORTGAGE ADVICE IS £695