equity release advice

Equity Release Advice

What Is Equity Release?

This type of mortgage is designed for homeowners over the age of 55.

The value of your home, less any outstanding mortgage you may have is known as your 'equity'.

Based on your age, you may be able to release a tax-free lump sum to use as you wish. Regular drawdowns are also available from some providers.

With most equity release mortgages, no monthly repayments are payable and you continue to own your own home.

Equity release refers to Home Reversion Plans and Lifetime Mortgages. To understand the features and risks, ask for a personalised illustration.

All Equity Release providers recommended by Hume Associates abide by the Equity Release Council's code of conduct. This includes a 'no negative equity guarantee'. Full details of the Equity Release Council guarantee can be found at www.equityreleasecouncil.com.

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Important Notes

  • Lifetime mortgages can quickly erode the remaining equity and as a result, there may be no value left to pass on.
  • Equity Release schemes may work out more expensive than alternatives such as downsizing to a smaller property.
  • Equity Release can effect eligibility for state benefit or grants.
  • Equity Release can limit your options for moving home in later years.
  • One type of equity release is a lifetime mortgage, where every year, interest is added to the amount you owe. This will reduce the remaining equity in your home. If you live a long time or house prices fall, there may be no equity left for your heirs to inherit.
  • For Equity Release mortgages, Hume Associates charge a fee of £250 on application and £250 on completion. We will also be paid a commission by the provider. Alternatively, you can pay £300 on application and £700 on completion. You will receive the commission provided by the mortgage provider.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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