Is Equity Release is for you?

Equity Release

Over 55? A home owner? Looking to release cash to fund home improvements, help ease financial burdens, help get your children on the property ladder or even just want to take that extra-long cruise you have always talked about? Equity Release may be for you!

Use our free calculator to see how much equity you could unlock!

Most of the recently retired are equity rich, but cash poor. Equity Release is a great way to balance these two and get you some tax-free cash. There are limitless reasons why equity release can help you. You may want to renovate your home, take a well-earned cruise or even want to help your children out financially (even though you thought this would stop when they hit 18!).

If you are over 55, then we can help give you independent financial advice to help you unlock the equity in your property. We give expert, experienced advice to help map out a strategy with multiple options, outcomes and actions

What is Equity Release?

The exact definition of equity release is “the use of financial arrangements that provide the owner of a house or other property with funds derived from the value of the property while enabling them to continue using it.” In layman terms, it is a mortgage which allows you to take the equity out of your property without the need to put the property up for sale.

We have experts in equity release in our Torquay office who are FCA regualted, who are able to advise you on the best form of Equity Release Mortgage for your individual need. You would typically secure the mortgage against your property and then receive the equity in one lump sum. With this, there will then be no monthly repayment plans but interest is accrued annually and becomes payable upon your unfortunate death when the property is then sold.

Is this for you?

Our office in Torquay is fully qualified to advise you about your equity release potential. There can be some major advantages. However, as with everything, there can be some cons too. It is a great way to access the equity from your home without the need for selling and relocating from a place you may have made countless memories.

Why would you apply for Equity Release?

There can be countless reasons why people would opt for a lump sum Equity Release Mortgage. It could be that you have an interest only mortgage on your home that is coming to the end of the term and it needs to be repaid. You may be a pensioner who needs extra income to your pension plan each month.

You may be over 55 and not experiencing the lifestyle you want such as holidaying and want equity released from your home to finance the lifestyle you are aiming for.

It could be that you want to help your children or grandchildren with their own mortgages or financial situations.

Can anyone apply for equity release?

No. To be eligible, you need to undergo the ‘eligibility test’ and generally be aged between 55-95 years of age.

  • You need to be the homeowner.
  • You must have little or even no mortgage left to pay.
  • You need to be in reasonable condition and have a certain worth in terms of value.

Equity Release can take many forms and has many names, other names it can be referred to is Lifetime Mortgages, which does exactly what it says on the tin. You take out the equity in your property and then it becomes payable upon death.

Another name is Retirement Lending, it is named this because many of the equity release clients are of retirement age. Again, the equity is released from the property and it is the exact same as Equity Release.

Lifetime Mortgage

With lifetime mortgages you can release cash from the property without the need to move out as you still continue to own and live in the property. The loan only becomes payable upon death, or alternatively, if you go into full time care. This allows you to release the equity in your home, enjoy the cash sum and not have to worry about having any month to month repayment plans. You are protected by a “no-negative equity guarantee”, which means you will never owe more than the value of your home. However, it is worth noting that the value of your estate will decrease.

Our Advisers

Our Equity Release adviser for Torquay is Kevin Watling.

He is part of the long established and well revered independent Molyneux Assocaites practice. Within the team of associates, there are over 20 advisers who are able to contribute with their extensive and in-depth knowledge to help you get the results you need.

Kevin is qualified and dedicated to Equity Release. Working as part of the IFA Molyneux Associates, he holds the current Equity Release Exam, is a memeber of the Equity Release Council, Later Life Academy and Premier Equity Release Club. So you know you are in safe hands. Kevin has over 30 years experience in the financial services and 20 of those have been dedicated to Equity Release.

Covering Equity Release in Torquay, Plymouth, Cornwall, Devon and the South Coast of the UK, we’ll have an adviser that can visit you locally in your home or business to assess your needs. We are here to offer you financial advice in Torquay, but we also have other offices to help you with financial advice in Devon, Plymouth, Cornwall, South West, Bristol and London.

Equity Release Calculator – Average Potential Release Amount.

*This form is non-binding and is offered as a guideline, not an indication of intent.

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