Equity Release & Lifetime Mortgages
As you enter later life, you may want to release some of the equity in your home. This is a big step to take, so it’s important that you take independent financial advice.
Equity release schemes are becoming an important part of retirement planning – they can be used to make your retirement more comfortable, and to open up exciting new possibilities
Our main residence is often the single largest asset that we own, and releasing the value held in the property can assist in financing a range of needs for later in life without the need to sell the home or borrow from other sources. For example, as you get older, you may need to pay for long term care bills, adaptations to your home, or perhaps for more enjoyable things like a new car or a conservatory.
However, once you’ve retired and don’t have a regular income from employment, it’s not always easy to borrow money or put savings to one side. Releasing the equity in your home can be the ideal solution – but it’s a big decision.
There are three main types of equity release product on the market today. Our experts can help you choose what’s best for your specific requirements.
Because we have the required specialist qualifications and regulatory approval, Stonehill Financial are able to advise on all forms of equity release but will ensure that particular attention is given your the risk and suitability of entering these arrangements as we consider your needs and the legacy that you aim to leave.
Generally, lenders won’t advance more than 50% of the value of your property, and how much you can borrow depends on the value of your home and your age. The older you are, the higher the percentage of your property’s value you can borrow.
To talk through the various options and discuss which might be right for you, call us today for a chat with one of our experts.
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