Equity Release

Equity Release is a way of releasing money from the value of your home without having to move out of it.

What you require to equity for equity release!

• All those on the mortgage deeds must be aged minimum of 55-60 or over
• The new equity release lender will provide the funds to pay off your existing loan
• Single or joint applications are allowed

Reasons Why Clients May Choose Equity Release

• To clear debts, such as credit cards, loans, mortgages and to reduce outgoings
• For home improvements such as a new conservatory, central heating, double glazing or for repairs
• To increase income to be able to retire or to improve income in retirement
• To take a special holiday of a lifetime
• To help children onto the property ladder or to help them to reduce their mortgages
• To pay for private medical care or mobility items such as a scooter, or a stair lift

Consequences of Equity Release

• The value of the estate may be reduced to any potential beneficiaries and benefits may be affected

Features of Equity Release

• The release of money from your home, while retaining the right to live in it for the rest of your life
• The money released can be spent as you wish
• The amount you can borrow will depend on: The value of your home
• Your age and gender when you take out the plan
• The older you are, the more you will be able to borrow as your life expectancy will be shorter at age 75, than at age 60!

Product Options

Lifetime mortgage

• Can provide an income for life, or a lump sum payment
• Fixed rate, interest only, mortgage against the value of their property
• Loan + interest rolled up and repaid from the property sale on death or moving into long terms care
• All SHIP member lenders offer a no negative equity guarantee

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

Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.