At RM Mortgage Solutions Ltd we can refer you to an equity release specialist who will be able to provide advice and discuss your options.
We believe that advice is only of value when it’s impartial which is why all of our customers can receive a free no obligation initial consultation. This lets you learn more about equity release and find out whether it is the right option for you. An equity release broker will provide advice that will allow you to make an informed decision and will tell you straight away if equity release isn’t the right option for you.
There is never any pressure to proceed and with an impartial, free, no obligation initial consultation you have nothing to lose.
Some points for you to consider before you take out an equity release plan
- Releasing equity from your home is a lifetime commitment with the equity release mortgage only expected to be repaid when your home is sold, usually when you and your partner pass away or move into long term care. If you do decide to pay the loan back early; early repayment charges may apply.
- An Equity release mortgage may affect your entitlement to state benefits and could affect your tax position. Through your expert equity release mortgage advisor you can find out what effect, if any, it would have and this will help you find the best solution for you.
- All equity release mortgage schemes will reduce the value of your estate. We advise that you involve your family throughout the whole process so you can discuss your ideas with them. You will be encouraged to invite your family members to attend your free no-obligation initial consultation, as an opportunity for them to ask any questions that they may have.
- Many people don’t wish to uproot from their family home and deal with the hassle and expense of moving. However, downsizing may be an option for you if you need extra cash and don’t mind moving house.
- Asking your family for money can be difficult as no one wishes to be a burden on their loved ones. However, it may be that your family could help you during your retirement years if you are in need.
- There are other forms of borrowing such as a loan or traditional mortgage. However, you need to make sure that you are able to meet the monthly repayments. With an equity release mortgage there are typically no monthly payments to make as the loan plus all the accrued interest is repaid when your home is sold. With a home reversion plan the percentage of the property you sold reverts back to your plan provider. This usually happens when you and your partner pass away or move into long term care.
- Think carefully before securing other debts against your home.
- You could use other money you may have access to such as savings or investments. Many people are worried about delving into this cash as the money has been often been saved to pass on as an inheritance to their loved ones or kept as an emergency fund should it ever be needed.
- Mortgages form lenders who are members of the Equity Release Council come with a “no-negative equity” guarantee to ensure the amount you owe will never exceed the value of your home. This means that there will never be any debt left for your loved ones to pay when you pass away, you are able to stay in your home for life and move to another property (subject to provider criteria).
- Equity release Lifetime mortgages accrue compound interest and the amount you owe can grow quite quickly. At your equity release mortgage meeting your advisor can help you understand how it works before you make any decision.
- At RM Mortgage Solutions Ltd we can refer you to an equity release specialist who will be able to provide advice and discuss your options further. At your free no-obligation initial consultation you can find out more about equity release and whether it is the right option for you. Book your no obligation equity release appointment today.
A lifetime mortgage is a loan secured against your home. To understand the features and risks, always ask for a personalised illustration.