Equity Release is a way for homeowners aged 55 and over to release some of the money in their property in a safe way.
Modern equity release is usually a Lifetime Mortgage. Another type of plan called a Home Reversion still exists, but is rarely used.
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 only recommend Equity Release providers who are members of our trade body, the Equity Release Council. The product standards are as follows:
- The interest rate must be fixed or there must be a “cap” (upper limit) which is fixed for the life of the loan.
- You must have the right to remain in your property for life or until you need to move into long-term care, provided the property remains your main residence and you abide by the terms and conditions of your contract.
- You have the right to move to another property subject to the new property being acceptable to your product provider as continuing security for your equity release loan.
- The product must have a “no negative equity guarantee”. This means that when your property is sold, and agents’ and solicitors’ fees have been paid, even if the amount left is not enough to repay the outstanding loan to your provider, neither you nor your estate will be liable to pay any more..
Independent legal advice
You may choose your own solicitor to carry out the legal work in connection with your plan and your solicitor will represent only you and not the lender.
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.
- You will receive a detailed report explaining our Equity Release recommendation in detail.
- 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 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 to make repayments rather than the interest rolling up, you can.
If you want a monthly income, 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.