Equity Release Simplified
Taking out a lifetime mortgage on your property requires expert guidance. How does it work? What are the advantages and disadvantages? Equity Release Mortgage Advice Ltd is here to provide answers to help you decide whether a lifetime mortgage is a right option for you.
Contact Us Request CallbackFind out how much you may be eligible for
The calculator gives you the maximum amount an equity release lender is likely to lend based on your property value and age. However, if you are able to borrow less you are likely to receive a better interest rate.
- Set your age
- Set your property value
Equity Release Calculator
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Equity release explained
Equity release lets homeowners aged 55 or over access a tax-free sum corresponding to the value of their home. The amount released depends on the homeowner’s age and the property’s value. You will still own your home, you are not required to move out and you do not have to make monthly mortgage payments - unless you want to.
Is an equity release mortgage right for me?
There are different types of equity releases: Equity release is often referred to as a Lifetime mortgage, Lifetime mortgages allow you to take a loan with your home while remaining in it, with the loan only repaid when the last surviving borrower passes away or moves into long term care.
The experts at Equity Release Mortgage Advice Ltd offer impartial advice in plain English to help you make the right decision
Equity Release Mortgage Advice Ltd will only ever charge a £995 flat fee, regardless of the value of your property, and you only pay if you complete your lifetime mortgage.
Why do home owners take out lifetime mortgages?
Choosing an equity release mortgage shouldn’t be rushed into, but the reasons people choose this option are varied
- Pay off other loans or an existing mortgage.
- Assist your children financially, or contribute to their home purchase.
- Reduce inheritance tax.*
- Upgrade your property to make it more enjoyable for your later years.
- Purchase a high-worth item such as a car or a luxury holiday.
- Increase your monthly income.
A lifetime mortgage is a safe option for meeting these needs without compromising your retirement savings. Your lender may allow you to protect a portion of your property’s value. This amount is subtracted from the total valuation of your home before you receive the loan.
*If you give some of the money from the equity release to your children, they may have to pay Inheritance Tax in the future. Always seek expert advice when considering this as an option.
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Hesitant about releasing equity?
Equity release can reduce the value of your estate for your beneficiaries. Because of this, and the other complexities surrounding equity release, you must seek professional financial and legal advice before taking out a lifetime mortgage. Notify your loved ones and ensure mutual agreement between all parties before proceeding with a lifetime mortgage.
By speaking with one of the experts at Equity Release Mortgage Advice Ltd, you will be informed of other alternatives to releasing equity, such as applying for local grants or benefits (provided you meet eligibility requirements), taking a loan from a bank, leaning on personal savings, or getting funds from your family members.
Things to consider
Before you take out a lifetime mortgage, consider that:
- An equity release may affect your rights to means-tested state benefits.
- You risk reducing the value of your childrens inheritance.
- If you give some of the money from the equity release to your children, they may have to pay Inheritance Tax in the future.
- The interest accumulates daily, impacting the equity on your home.
Remember a lifetime mortgage is secured against your home. You should always think carefully before securing a loan against your property. Want to know if a lifetime mortgage is suitable for you? Equity Release Mortgage Advice Ltd will offer you expert advice on taking an equity release. We’ll be glad to spend the time discussing your options with you with no obligation or cost.
Most lenders will allow you to repay the interest either monthly or ad hoc. This will help preserve the value of the equity in your property.
With expert guidance, you can make the right decisions regarding equity release. Reach out to our experienced team to determine what an equity release means for you.
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Request CallbackEligibility status
Official requirements vary with lenders. The general ones are:
- You are at least 55 years old. For joint applicants, the youngest person is aged 55 or more.
- Your property is owned or joint-owned.
- You’re taking a lifetime mortgage on your primary residence.
- The property is located in the UK.
- The property is worth at least £70,000.
Why choose Equity Release Mortgage Advice Ltd?
Equity Release Mortgage Advice Ltd are truly independent equity release specialists, we deal with all providers, meaning we really can source the best options available to you. In addition, we will also explore whether your needs are better served through a traditional mortgage or a specialist RIO (retirement interest only) mortgage. This is still fairly unusual, as many brokers only look at equity release, regardless of whether another solution might be better.
We recognise this is an area people are concerned about. This is why customer service and transparency are of the utmost importance to all of our expert consultants.
If you choose to use our services to arrange your lifetime mortgage, we are there for you throughout the process. We will guide you through each step of the way, liaise with solicitors, estate agents and family members, if you wish, and make sure that you are completely comfortable with each step. We can even recommend independent professionals if needed. We want to ensure that you make fully informed decisions.
We are always happy to visit people where they feel most comfortable; you come to us or we'll come to you, whichever suits you best. We have the same approach with family and friends, we're very happy for them to be involved.
To top it off, we charge a fixed fee of £995 - no matter what! And we'll only invoice upon completion.
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