Kennedy Mortgage Practice
Equity Release Mortgages

Equity Release Mortgages

If you are typically over the age of 55 and need to release equity from your home whether it be to repay an existing debt or to use as your ongoing pension a Lifetime mortgage or Home reversion plan may be your best option.

Is equity release right for me?

Whilst there are benefits for people in this situation, equity release isn’t for everyone and the benefits need to be weighed up alongside drawbacks, such as equity release can:

  • Be expensive
  • Impact on you being able to claim certain state benefits and your personal tax position.
  • Impact on local authority grants / other grants (i.e. for essential home improvements)
  • Potentially erode any inheritance passed down to loved ones

Also, there may be alternative options available to you that need to be explored before taking the equity release route, such as consideration of a conventional mortgage as an alternative, moving to a smaller home, using any savings or investments and potentially selling the home and moving into rented accommodation or living with children or other relatives.

Don’t worry as we can help you understand all the features and drawbacks so you can make a fully informed decision.


Reasons to release equity

Equity Release Mortgages

Pay off existing debts with the equity from your house

 

Equity Release Mortgages

Use as an ongoing pension for you or you and your spouse

Release funds to enjoy your retirement

Equity Release Mortgages

Fund your children through university or house buying.

CALL US ON 01604 439086 or 07986 726935 FOR MORE DETAILS

EQUITY RELEASE MAY INVOLVE A LIFETIME MORTGAGE OR HOME REVERSION PLAN, TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.

For those seeking a “Retirement Interest Only mortgage”, a lifetime mortgage may be available and more appropriate for your needs.

It is advised that customers seek independent legal advice before entering into a legally binding equity release contract.

A fee of £750 will be charged to arrange an equity release mortgage.