Equity release allows individuals aged 55 and over to release tax free money from the property they live in. This can be supplied as a cash lump sum or you have the option to draw funds as and when required. There are three ways of releasing equity, Lifetime Mortgages, Home Reversion plans and retirement interest only mortgages.
Many clients now find that releasing some of the wealth from their home can help with many different things such as: home improvements, paying off existing mortgages, clearing debts, helping with their children’s first home and even setting up a regular monthly income.
The whole process behind releasing equity from your estate can seem a complex and daunting task. This is where we can help to make this process as easy as possible.
We do this by,
- Offering a no obligation free consultation meeting. It is an opportunity for you to find out more about us and how we work for you, our clients. This meeting can either be carried out at our company offices in the heart of the Dorset countryside or at a convenient time in your own home. Evening appointments can also be arranged.
- At this meeting we will carry out a thorough fact find exercise including a detailed assessment of your incomes and outgoings. This will allow us to tailor our recommendation to you and your specific circumstances.
- Based on the information received at this meeting, this will enable us to source from our whole of market access a product to suit your personal needs and circumstances.
- We will then have a second meeting at which we will discuss the options and agree on the plan that best suits your needs.
- We will submit your application to the Equity release company, taking the burden of extensive form completion away from you.
- We will monitor the progress of your application, answer any queries from the lender and update you regularly on the progress of your application.
Equity release has made a genuine, positive difference to the lives of thousands of people in the UK.
During our meetings we will discuss all available options to you and explain the benefits and disadvantages of each option. We will discuss the implications of reducing the value of your estate as well as the financial repercussions should you decide to repay your equity release early or service the interest.
Taking out an equity release plan is an important financial decision and isn’t right or suitable for everyone.
Consulting a qualified adviser will help you to explore your options and consider how the different plans available might best meet your requirements, both now and in the future.
At Greenfields we offer expert, impartial, whole of market and award-winning advice on all later life lending options.
The market is regulated by the Financial Conduct Authority. As a member of The Equity Release Council, we recommend the plans that adhere to their code of conduct to ensure clients financial safety and security. These include,
- Their ‘No Negative Equity’ Guarantee — you or your family will never owe more than the value of your home
- You will not lose your home and can remain there for as long as you want to, providing it remains your main residence
- No debt will be left to your loved ones
- You can move to another suitable property
- You will receive independent legal advice from a solicitor of your choice
We are a Local, friendly, and knowledgeable advisory firm that are happy to guide you through every stage of the Process.
Being truly independent advisors means that you can be sure that the advice and service you receive is free of bias and is not product or commission led. Instead, we work purely for you and have your best interests at heart.
Home Reversion and Lifetime Mortgages are complex and will be secured against your home. To fully understand the features and associated risks please ask for a personalised illustration.