What is it?
For most people entering retirement property is often their biggest asset, and as a result of insufficient pension income and an increase in housing prices, more and more of our elder population are becoming asset rich and cash poor. Equity release gives people aged 55 and over, who have money tied up in their home, the ability to release equity from the property without having to sell it or make monthly repayments. The homeowner can decide to take a lump sum or draw down smaller regular amounts (or a combination of both) from the value of their house whilst still residing in it.
Everystep Financial offer a range of Lifetime Mortgage solutions whereby clients can take out a mortgage on their property (provided it is their main residence) and still retain ownership. We do not currently offer Home Reversion Plans
Why choose it?
A lifetime mortgage can be an excellent option for clients looking to raise money to subsidise their retirement income, fund home improvements, move house or simply tap into their asset wealth to allow them to enjoy their later years in whichever way they wish.
- You can protect some of the value of the property as an inheritance for your family
- You have the option to make repayments or let the interest roll up (loan amount and any accrued interest is repaid upon death or moving into long term care)
- You maintain the right to remain in the property until you die or move into long term care
- You’ll only pay interest on the amount withdrawn
- There’s no Negative Equity Guarantee (so you or your estate will not be liable for any negative balance on the loan once the property is sold)
- Some lenders offer the right to move to another property
* Please note that terms and conditions apply to all of the above
We are independent and offer whole of market advice.