Think about equity release with partner

Equity Release

Perhaps you are considering Equity Release at present to achieve your goals and objectives. Perhaps you would like to know more.

At Equity Release Scotland, we have helped many clients achieve their dreams by releasing some or all of the available equity in their homes. We fully understand the procedures involved but over the years we have gained an invaluable insight into the fears and concerns our clients have. It is our aim to ensure that any queries are fully addressed without reservation, and to make sure the process is as easy and straightforward as possible.

Our friendly and highly trained customer services team are always available to answer any questions you may have. At Equity Release Scotland it is our objective to exceed your service and advice expectations. By engaging fully with our clients we are able to appreciate exactly what they are trying to achieve and tailor make a financial solution to address those objectives immediately and into the future.

On engaging with us you will be allocated a ‘dedicated’ adviser who will look after you from your first appointment to completion and, if necessary, beyond that. Much of our business comes from recommendations from existing clients which is very satisfying indeed. It shows we care and in return we are rewarded for our attention to detail and the many positive outcomes we oversee, by you, the customer.

Request a Call Back

More On Equity Release.

Access to the substantial reserves of cash tied-up in your home has never been easier! Property values having increased dramatically over the last 50 years, and some property analysts are now saying they’re set to soar again in the next fifty years. You’ve spent many years looking after your home, isn’t it about time you explored ways on how it could start looking after you?

If you are over 55 years old, Equity Release could turn the equity you’ve built up over time into ‘tax-free’ cash without the need for you to sell-up or downsize. The ways in which to spend this presently, unrealised windfall are limitless! Most of our clients fall into the category of people which has now become something of a cliché. They are ‘asset rich-cash poor‘. They do not want to move home and start afresh and they like the communities in which they live and have no desire to abandon them now that they are advancing in years.

 

Many people are turning to the prospect of releasing money from their homes, as after retiring, they have found their quality of life has reduced as they no longer have the salary to support ‘life’s little luxuries’ and the private or state pensions they are relying on are falling behind in value due to the pressures of inflation. Indeed, many people are finding it very difficult to make ends meet on a month to month basis. Equity Release may be the solution, whether in the form of a lump sum or as a drawdown facility taking money in a monthly or quarterly basis to enhance and improve ones standard of living has never been more attainable.

The solution to this problem for an increasing number of homeowners is to use one of the many available Equity Release schemes. This allows the homeowner to take the maximum lump sum or alternatively, a more modest lump sum initially plus a cash reserve or draw-down facility for future use.

Whatever Equity Release Solution you choose, you and your partner can live in your home for the rest of your lives. The loan is repaid on death of the surviving partner or when the surviving partner moves into long term care with no prospect of returning to their home.

As previously stated, the ways in which to spend your hard earned ‘tax-free’ cash are limitless. Here’s just a few suggestions on how you could put that new found wealth to work…….

  1. Take that holiday of a lifetime, that world cruise! Especially now that the Children have grown and flown the nest.
  2. Buy that beautiful, bespoke conservatory you’ve always wanted so you can enjoy your garden all year round.
  3. Free up your disposable income on a monthly basis and enhance your lifestyle by clearing that Interest Only mortgage you still have.
  4. Help your Son or Daughter get on the property ladder by giving them the deposit for their new home.
  5. Help your Grandchildren get that expensive Education which they cannot afford otherwise.
  6. Your House is in need of some TLC. Why don’t you buy that beautiful kitchen you’ve always wanted and get rid of the tired old one that’s been there for 30 years.
  7. Gift your children and Grandchildren some early inheritance when they need it NOW! The satisfaction gained in watching them flourish is priceless. Why wait for the inevitable?
  8. Your Car is starting to tire and the repair bills are starting to sore! Why not replace it with a new or nearly new one?
  9. Visit your loved ones in that far away destination you never thought you’d be able to do.
  10. Clear those horrible loans and Credit Cards that are eating into your limited income and curtailing you from enjoying a decent standard of living.
  11. Your Grandchildren would love to come and stay with you over the summer holidays, but you’ve no room. A beautiful home extension would solve that simple problem and add value to your home!

Speak to one of our Local Equity Release Experts Today

Request a Call Back

What is a Lifetime Mortgage?

Once you have decided to release some of the equity in your property, the next decision to make is which financial product you want to use for this purpose. A lifetime mortgage is the most common solution, and it works in a similar way to the standard mortgage you paid when you were buying your property but in reverse.

Own Property

To qualify for any form of equity release you need to be at least 55 years of age, and own the property. You can still be eligible for equity release even if you have an outstanding mortgage balance, but obviously, this will affect the total that you can borrow.

Valuation and Offer

The lender will have the property valued by an independent Chartered Surveyor. If the subject property is deemed acceptable to the lender the formal offer will follow based on the property value and the age of the youngest applicant. In some cases lenders will take into account the Health of the applicants.

Receive Your Cash

Once the Lifetime Mortgage has been agreed and the legal work completed the funds are deposited in the homeowners bank account. In many cases, the homeowner can repay the loan by paying up to 10% of the initial sum borrowed without penalty annually. If they decide not to exercise this option, the interest will simply roll-up annually and be repaid on death or after their entry into long-term care.

House Sale

Upon the death of the death or entry into long-term care of the surviving partner the property is then sold, and the proceeds from the sale are then used to repay the debt. Any surplus is transferred into the estate of the deceased to be shared among their designated beneficiaries.

Equity Release - Benefits

Among the main benefits of taking out a lifetime mortgage, are that it can releases some of the equity or value built up in your property over time, so allowing you to achieve your aims and objectives in later life. You are not obliged to make any payments to your Lifetime Mortgage, although many allow you the flexibility to do so. You will always own your home and are entitled to live there for the rest of your life.

Tax

Funds generated from your Lifetime Mortgage is tax free. What you eventually draw down may have an effect on any entitlement to benefits currently received. Equity Release Scotland will automatically check this for you as part of the advice process.

Advice

If and when you decide to move forward with your application, our team of advisors will assist you and answer any further questions you might have.

Assistance

Take you time and don’t ever be rushed into making a decision, whatever your requirements Equity Release Scotland will be there to assist you every step of the way.

Frequently Ask Questions

Once the money has been released to you, the choice on what to spend it on is entirely up to you. There are no restrictions whatsoever (provided it is legal!). So whether you want to go on a round the world trip, buy a new car, or simply pay off other debts, the choice is entirely yours.

Absolutely, that is one of the major benefits of this type of scheme, and it in our opinion is one of the more important foundations upon with the agreement is built. There is little point in removing the financial stress, if a few years down the road you are concerned about losing your home. In fact, not only are you entitled to remain in the home for the rest of your life, but so is anyone else mentioned in the agreement.

If everything goes according to plan, then it is entirely feasible for the money to be released to you between three and four weeks. However, always err on the side of caution and plan on the entire process taking up to eight weeks. The length of time is not entirely under our control, and can take even longer if your solicitor is unfamiliar with equity release schemes for instance.

When you sign the contract, you are simply agreeing to another style of mortgage, so the ownership of the property remains with you.

Request a Call Back

To get more advice and information, please fill out the form and we will be call you back.