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....

We found Paul to be very friendly, sincere and competent individual. He is totally in command of his subject...Equity Release​...and went to great pains to explain in words of one syllable the intricacies of this particular financial product, pointing out the downsides as well as the benefits. He clearly laid out the offerings of the various lenders which allowed us to select the one that was most suitable for us. This detail was vital in the selection process. At no point did we feel pressurised which was greatly appreciated. We were given time to absorb all the detail and the resulting questions were all answered in a lucid and timely manner. There were some hiccups along the way which Paul was quick to confront and wrestle to a satisfactory conclusion. There is a co-ordinating job associated with Equity Release....lender, solicitor, surveyor/valuer,etc, all of which was handled to our complete satisfaction.

Private, Hertfordshire 10/12/21

We had to sell our flat to pay off our old mortgage. Now in our 60's it would have been difficult to get a mortgage and equity release is a minefield so we were looking at a lifetime mortgage. We had a number of difficulties, mainly caused by solicitors, but Gérard​ helped us tremendously by liaising with the mortgage company, solicitors and keeping us informed at all times. He went above and beyond what is expected of a broker and we really appreciated it. 

Mr and Mrs Del Castello, Surrey 9/12/21

Equity Release is such a minefield, with conflicting information which seems to constantly change and update. David listened to what I wanted and found me a product which suited perfectly.

Mrs Demoya, Manchester 28/10/21

Liz assessed my circumstances & advised me accordingly regarding all aspects of equity release. All details were thoroughly explained, I was confident to go ahead, & Liz set the process in motion. Liz continued to monitor proceedings & kept me informed as necessary.

Mr Eider, Dorset 17/7/21

Liz explained really well how equity release works ,the interest how you won't loose your house came few times till a was sure of the equity release and how it works didn't just want to sell it but make sure a understood first.  I can now cut down my hours my health will be better and my house better maintained.

Mrs Buchan, Dorset 12/7/21

 

See more testimonials here

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?