With a Reversion Mortgage you sell part or all of your home to a home reversion provider in return for a lump sum. You have the right to continue living in the property until you pass, rent free, but you have to agree to maintain and insure it. You can ring-fence a percentage of your property for later use, possibly for inheritance. The percentage you retain will always remain the same regardless of the change in property values, unless you decide to take further cash releases. At the end of the plan your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
Most people who take out equity release use a lifetime mortgage. Usually you don’t have to make any repayments while you’re alive, interest ‘rolls up’ (unpaid interest is added to the loan). This means the debt can increase quite quickly over a period of time.
However, some lifetime mortgages do now offer you the option to pay all or some of the interest, and some let you pay off the interest and capital. In the same way ordinary mortgages vary from lender to lender, so do lifetime mortgages.
We understand that ‘Equity Release’ is quite a new area in mortgages and there are benefits and risks to taking out a ‘lifetime mortgage’ (technical term) for equity release.
However, we are dedicated to helping people understand ‘how it works’ and explaining the benefits and risks.
“Property Is often a household’s largest asset, and it is vital more people understand its possibilities not only to provide an income in later life or pay off debts, but also to provide a living inheritance’ for family members and to help fund care needs.
Helping young people get on the housing ladder and paying for social care are issues that affect many of us and we look forward to helping our clients with clear, straightforward and unambiguous advice as to how equity release can play a part in helping to meet these challenges”
However, finding out how much equity is in your house and how much can be released depends on your circumstances and is best done face to face to get an accurate figure
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Alex began her career in financial services with a high street bank in the retail sector. Having enjoyed a 16 year successful career she now specialises in delivering Equity Release advice to clients across the UK. Her objective is to offer a personal service by supporting clients with their needs and assisting them in meeting objectives.
Outside of work Alex enjoys spending time with her family and keeps active with her horses and dogs. When time prevails, she also plays tennis and attends the gym.
David has over 40 years of experience in the financial services industry and after a brief period of retirement now specialises in Equity Release advice. He is a prizewinning Fellow of The Chartered Insurance Institute (FCII) and a Fellow of The Personal Finance Society (FPFS) David is married to Susan and has three sons.
He is an avid Salmon fisherman although sadly the emphasis seems to be on the fishing rather than the catching!
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