Equity release is a lifetime mortgage providing home owners over the age of 55 with the facility to release a tax free lump sum, secured on their property. The interest rolls up and unlike a regular mortgage, no monthly repayments have to be made. The monies raised can be used for any purpose.
However, before making such a decision it is important to speak to a qualified equity release adviser who can discuss the options available.
Jenny Perriam holds the certificate in Regulated Equity Release (CRER), and is a member of the Equity Release Council. The Council promotes high standards of conduct and practice in the provision of advice on equity release.
Mrs L contacted Jenny as she needed to raise some money to make repairs to her home and she also wanted to buy a newer car. She had limited savings but owned a property worth nearly £250,000. After discussing the various options available, Jenny arranged a plan whereby Mrs L could raise £15,000 but have further monies available to drawdown in the future, if required.
Mrs L said “Jenny fully explained all the options and made sure I was doing the right thing for myself and my family. The whole process was very easy from start to finish and I am now able to have the work done on my house without any financial worry and have recently bought myself a new car!”
Your home may be re-possessed if you do not keep up repayments on your mortgage or other loans secured on it.