Professional Lifetime Mortgage advice will carefully consider the reasons for needing equity from the owner’s home. There may be other alternatives available.
What are the alternatives?
For those needing more income, an assessment of the entitlement to State Benefits should be undertaken. Benefits include Pensions Credit, Pensions Savings Credit and Council Tax Benefit . A significant number of pensioners may be entitled to more benefits than they are currently receiving. As part of the Equity Release and Lifetime Mortgage advice process, Andy Wilson will usually undertake such a check on your behalf.
If you are looking to carry out certain home improvements or repairs, there may be grant facilities that could help. Your local Council will usually be able to help you to consider these.
Many people are reluctant to run down their savings, saving for a rainy day. However, it may be more appropriate to use some of the savings than borrow at higher rates of interest. Could today be that rainy day you have been saving for? And how bad a rainy day does it need to be to justify keeping significant levels of savings earning very little interest?!
Family may be able to help – if only they knew what your problems were. We are naturally reluctant to discuss our needs with children and relatives, but if they knew your situation and were well placed to help they may be happy to do so – especially when the alternative could see a depletion of their possible inheritances!
Should you downsize?
Downsizing has to be a consideration where it is proving difficult to make ends meet. This has to be balanced with staying in a home you may love, in an area you have lived in for some time, where your friends and social network are close by and which is well served by shops, Doctors, bus routes, entertainment and other services.
Many of the clients Andy meets did originally intend to move when they reached retirement. They imagined buying a bungalow for later life. However, when they reached retirement, fit and well and enjoying life, they often want to stay put! And why not?
How much can you borrow?
Our lifetime mortgage calculator offers a rough guide to the maximum you may be able to borrow against your property.
The advice process
If these measures cannot solve the problems then getting Equity Release and Lifetime Mortgage advice from a qualified and experienced adviser such as Andy Wilson may help. Andy will speak with you by telephone to discuss your basic requirements. If appropriate Andy will then visit you in your own home to discuss your options, with no obligation at all to proceed further. There is no charge for this meeting.
When you meet, Andy will need to fully understand your situation and will ask many questions. He will also ask you to have some documentary evidence about your situation to hand – proof of income, benefits, bank statements, identification etc. This is to ensure the advice he gives you and recommendations he makes are entirely appropriate.
All recommendations will be confirmed in writing within a full report and recommendations before you commit to a scheme. A full illustration of the scheme features, benefits and risks will always be given to you. This will detail the loan, the set up costs fully itemised, the loan position over forthcoming years, the risks involved and the potential costs of repaying the loan early.
The right advice
Getting the right advice is important. You will usually only take an equity release scheme once and it is likely to stay with you for life. You therefore need to know it is the absolutely best thing for you. Andy will always tell you if he feels such a scheme is not suitable for you and whether you have better alternatives. He may tell you things you didn’t want to hear, but will always tell you things you need to know!
Please use the ‘Contact Andy’ form below to request further information or to arrange a no-obligation meeting to discuss your options.
EQUITY RELEASE MAY REQUIRE A LIFETIME MORTGAGE OR HOME REVERSION PLAN. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.