Would you like to know more about Equity Release and how it might work for you? Do you want to find out about the various types of equity release plans that are available and suitable for you? Lighthouse can offer a dedicated equity release specialist, to provide homeowners over the age of 55 with expert advice on releasing equity from their home. Why not speak to us to see instantly how much cash you could unlock from your home?
Release cash from your home to enjoy now
Equity Release is available to the over 55-age group and is a way of releasing cash from the value of your home without the need to sell it.
There are many reasons why people release equity from their home; here are some of the more common reasons:
- To pay for home improvements or adapting your home to accommodate your needs
- To supplement retirement income and make life more comfortable
- To clear debts or a mortgage
- To buy a holiday home
- To help out children or grandchildren
- To have a holiday of a lifetime or buy a new car
There are two main types of Equity Release, Lifetime Mortgage and Home Reversion
A type of mortgage that allows you to borrow money against the value of your home like a traditional mortgage, but you do not make any monthly repayments. The amount you owe “rolls up” with interest and is repayable when you die or go into long-term care. Some Lifetime Mortgage companies do allow you to make interest payments or partial repayments if you wish to.
A Home Reversion Plan will provide you with a tax free cash lump sum (or regular payments) and a lifetime lease, guaranteeing you the right to stay in your property rent-free for the rest of your life.
At Lighthouse, we are Independent Equity Release advisers that will give you all of the support, help and advice that you need to make the right decision to identify the best deals that are available to you from across the market.
Taking equity from your home is a big decision and one that should not be entered into lightly. You should always consider the many alternatives to Equity Release such as:
- Selling your home and moving down to a cheaper property
- Claiming state benefits or any grants that may be available
- Using your existing savings or investments
- Getting debt advice
Lighthouse are proud to have recently become members of the Equity Release Council as its first financial services network organisation member. The number of firms that have now joined is 164, which is a rise from 20 since the Council relaunched in 2012. Lifetime mortgages were the fastest growing mortgage segment last year, with a 22% customer increase and the value of lending exceeding £2bn.
Paul Harris, the Managing Director of Lighthouse Mortgage and Protection Solutions said, “Becoming a member of The Council was a natural progression for us with the Group having arranged £885 million of mortgage funds for 5,000 customers in 2016. We are delighted to be part of The Council and look forward to working alongside it to help more people realise the value of equity release for retirement where appropriate.”