EQUITY RELEASE EXPLAINED
Then Equity Release could be the way of release money from your home without you having to leave it or downsize. You could spend it on home improvements, helping the family, funding your retirement or that dream holiday…..
Equity Release allows you to unlock tax free cash that is currently tied up in your home without you having to move or make a monthly interest payments. Think of equity release as a reverse mortgage whereby you use money now to do as you wish and a fixed rate of interest is attached to whatever you have taken. The interest then adds on to how much your property owes, usually on a compounding basis, and is paid back only when the last surviving applicant has died or gone into long term care.
However, having said this you can make repayments as and when you want to, within the specified limits set out by each lender. These repayments can also stop and start and increase and decrease to give you greater flexibility.
All of the Equity Release plans include two very important guarantees......
A guaranteed right to remain living in the property that you have released equity from, either for life or until you need to go into long term care.
No Negative Equity Guarantee - which essentially guarantees that the amount to repay the equity release plan on death or entry into long term care can never exceed the value of the property itself, and so no debt can ever be left behind for your beneficiaries from the equity release plan.
The amount you can borrow will depend on your property value (minimum £60,000) and your age (youngest has to be over 55). Some providers do not have a maximum age limit, so you are never too old to benefit from an equity release scheme.
We only use providers who are members of the Equity Release Council, you can see what this means here. We also cover the whole of the equity release market which allows us to find you the best solution for you and your family.
We believe at Viva Retirement Solutions that if we treat you as if you were a member of our own family – then you will receive the best possible Equity Release advice. In many cases we work alongside your family members to ensure that the equity release solution we provide is right for the whole family. As well as this we have some of the most competitive fees in the market.
Every situation is different and so we can tailor our bespoke advice using many different types of Equity Release plans to your specific situation. Find out more about mortgage types including Lifetime Mortgages here.
It is very important that we weigh up your alternative options, before deciding if Equity Release could be the right thing for you. To find out more about why people take out equity release, please click here.
WE WILL TELL YOU IF EQUITY RELEASE IS NOT SUITABLE FOR YOU AND WHY!
What Our Equity Release Customers Say....
From start to completion Gerard's advice and help moving forwards with the equity release was exceptional. Gerard made us aware of everything we needed to know before we made our decision. Gerard is very professional and is worth his weight in gold at what he does. We are lucky we had the privilege of his services.
Gerard spent many hours with us talking through the various equity release plans and their pros and cons listening carefully to our circumstances and helping us navigate the market disruption caused by COVID. My father's situation is rather complex and so we went through multiple products and applications before we found the right one. Gerard was extremely helpful and supportive throughout the process and unwavering in his energy and determination to find us the right solution.
Susan gave us step by step advice with equity release in detail. She was extremely patient, has a friendly approach and explained everything in simple terms. We went over things several times and has been very flexible and accessible at all times.
Susan totally sorted out my equity release Mortgage with no hold ups or problems.
Dave took the time to thoroughly explain the process of equity release. He was friendly and informative and kept me updated at every stage. The process was totally painless. I cannot recommend Dave and Viva Retirement Solutions highly enough. I have no hesitation in using them again in the future.
Private, Birmingham 9/2/21
Considering Equity Release? Are you:
A UK Homeowner?
Is your property worth more than £60,000?
Aged over 55?
Keen to stay in your own home?
Looking to unlock tax free money?
Planning a comfortable retirement?