January 25, 2016

About Equity Release

Equity Release is a way for homeowners aged 55 and over to release some of the money in their property. The money in our properties is known as equity, hence freeing some of that money is known as Equity Release.

There are two main types of Equity Release; Lifetime Mortgage and Home Reversion.

Although thought by many to be a new idea, Equity Release has been around since the 1960’s but has become much more popular in the last decade.

Sixty Plus is a firm of financial advisers specialising in Equity Release. We provide friendly independent advice on all your options..

Safety is of paramount important to us and our clients when arranging Equity Release. For this reason we at Sixty Plus only recommend Equity Release providers who are members of the Equity Release trade body, SHIP (Safe Home Income Plans).

Clients taking Equity Release have the right to live in the property until they die or move into long term case.

SHIP members abide to a code of conduct that includes:

  • fair, simple and complete presentation of their Equity Release plans.
  • legal work relating to the Equity Release will always be performed by the solicitor of he client’s choice. In all cases, prior to the completion of the plan the solicitor will be provided with full details of the benefits the client will receive. The solicitor will be required to sign a certificate to the effect that the Equity Release scheme has been explained to the client.
  • All SHIP plans carry a ‘no negative equity’ guarantee i.e. you will never owe more than the value of your home.

Our Equity Release service at Sixty Plus can be summarised as follows:

  • Our first meeting is free and without obligation. During this meeting we will discuss your financial situation and explain the Equity Release options that are open to you.
  • Following this we will research the market to identify the right Equity Release plan for you.
  • We will present our Equity Release recommendation to you. As and when you are ready to proceed we will assist you with the initial paperwork and, if required, recommend a solicitor who specialises in Equity Release.
  • You will receive a detailed report explaining our Equity Release recommendation in detail.
  • We will discuss the impact Equity Release may have on means tested benefits, such as Pensions Credit and Council Tax Benefit. We can usually help you avoid any reduction in your benefits but it is a matter for individual discussion.
  • We welcome family involvement. Many people like to involve their family when considering Equity Release but this is by no means compulsory.

There is now more choice available in Equity Release plans than ever before.
If you want the facility to take your Equity Release in stages over the years to come, you can.
If you want the option to repay your Equity Release early, you can.
If you want to be able to ‘ring-fence’ some of your property’s value to guarantee an inheritance, you can.
We know from many satisfied clients that Equity Release makes a dramatic difference to your retirement.

We hope to help you soon.

 

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