Short of income in retirement to live the life you would like?
Looking to gift a relative money?
Repay an existing mortgage or unsecured debt?
Landscape your garden?
As people now are living longer and longer we are finding more and more of our clients are enquiring about lending in retirement. As Professional advisers it is important that we explore all possible avenues and in certain cases Equity Release products will be there to help.
Whether you are looking to raise money against an existing property you own or to help you buy a new home, it may be possible with equity release. The amount you can lend is based on the value of your home, your age at outset and your health – the older you are, the higher the percentage of your home you can lend and for those with certain health issues this may be enhanced further.
Although other options are available, most people would take this lump sum and not make any payments through the term. Upon the passing away of the applicants in the future – the amount borrowed plus a roll up of interest would then be deducted from the estate at this point. Please note there are now rates available in the low 2%’s fixed for life.
It’s important to know that there may be other options – standard mortgages (if income can support), downsizing and moving home to release cash, using savings or saving regularly etc.
Help may be there for those that need it. Where better to get your advice than a local firm. Please contact us for more information and watch this space as a Webinar will be coming shortly.