EQUITY RELEASE EXPLAINED
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?
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 Customers Say....
It has been a pleasure working with Paul in the process of organising a Lifetime Equity Release for my family. Paul was always very professional and went out of his way to understand our family situation. I would highly recommend him to anybody looking ro release equity from a property.
Mr and Mrs Copas, Buckinghamshire
Nick listened to our requirements and sorted out the deal we finally agreed with LV. Nick and Viva enabled us to carry on with our retirement without having to worry about our financial outlook.
Mr & Mrs Davies
It was quite a daunting task to take out equity release, but Paul explained everything in detail and told me what would happen and when. He understood my concerns and also encouraged me to talk to my family. I would have no hesitation in recommending Paul and Viva Retirement Solutions
Throughout the process of equity release Gerard was frindly and approachable and gave good advice. He stayed with me from beginning to end despite a few hiccups that cropped up from my end. I would thoroughly recommend Gerard as someone who can safely steer you through the whole equity release process.
Paul was always very responsive to emails and phone calls – and – most importantly he dealt with any delays caused by the then mortgagee.
Because of these delays, the interest rate went up, but Paul intervened to ensure that I got the original “old” lower rate. FANTASTIC!
Mr Pilkington – 21/1/2019