Just Retirement ER Plans
The idea of releasing equity in your home is not new, it’s been around for more than 25 years, but it’s only recently that it’s really started to be popular. An excess of 350.000 homeowners have decided to take advantage of equity release, totalling a colossal £17 billion in loans.
Being in the position where you reach retirement, owning your own home allows for a great amount of security. You are entering the latter years of your life knowing that you have a roof over your head, without having any monthly rent or mortgages to find the money for.
But at the same time, owning your home means you have the large amount of equity that you’ve worked hard to accrue, just sitting there. Should your pension not stretch as far as you would like, or if you or your family come into some financial difficulties your only option would have been to sell your home and lose that security. But not with equity release.
Having the equity released from your property with a lifetime mortgage is the other option. You don’t have to sell your home and you get to take advantage of your equity in the here and now. All without ever putting your home in jeopardy, which gives you peace of mind.
Just Retirement (now known as Just) has some of the most flexible equity release products available today. Their key concept is to have a product that really suits the needs of each individual customer.
The Just For You Lifetime Mortgage is designed to allow an initial lump sum release with the added flexibility of a cash facility, which you can then use to release extra amounts in the future as and when is needed.
Just Retirement’s (now know as Just) lifetime mortgage also provides an option to pay some or all of the monthly interest amount at a reduced rate to the roll-up interest rate, helping to manage the overall cost of the loan amount.
When looking at equity release in Scotland, the most important component is that you will always own your home. That is true with Just Retirement (now known as Just).
You could live for over 100 years, and no one is going to take your home from you, it’s not possible. Only when you and your partner have passed away, are you and your estate liable to repay the mortgage by selling your home.
Then, it’s up to your estate, probably your solicitor to sell the home, getting the full market value, you still own the home until it’s sold. Then, your estate pays the loan back. Just Retirement (now known as Just) will never be in possession of your home at any point.
Equity release makes a lot of sense for many people in Scotland entering retirement age. Pensions just don’t stretch as far as they should, and the economy is tough. Many people have worked hard their entire life to pay off their mortgage and build the equity in their home. They have a right to enjoy their latter years, and not have to worry about money. Equity release allows that by leveraging the equity they have already accrued.
Just Retirement (now known as Just) was created in 2004, offering financial solutions for people at retirement age. In 2016 they merged with a company called Partnership for a massive £1.6 billion.
The company believes that every person has a different retirement, which means they will have different needs. In some cases they may want a regular income but with the security of knowing that it’s to be paid for life. Others want to help out family, have holidays they otherwise wouldn’t be able to afford, make home improvements, or often, a combination of these things.
It’s Just Retirement’s goal to be able to offer that kind of personalisation and flexibility, and it’s one of the reasons they are one of the UK’s leading providers of lifetime mortgages and equity release solutions.
The amount varies depending on many factors. One would be the type of lifetime mortgage product you apply for. Additionally, the type and value of your home are important factors, as are your personal circumstances.
As every home is different and every applicant’s details are unique, we are not able to give you a definitive answer, but it’s something our local expert equity release advisers would be happy to walk you through when applying with Just Retirement (now known as Just).
For all of Just Retirements (now known as Just) products, they fix the interest to the interest rate offered at the time of taking out the lifetime mortgage, regardless of if it’s a lump sum or their Drawdown product. That means, you don’t need to be concerned about interest rates in the future and will not be negatively affected by changes in the economy.
Fixed interest loans are generally a little higher as they have to protect for you and the financial institution against future interest changes. At the same time, an equity release product is also a little higher than traditional mortgages because the repayment takes place years later, not on a monthly basis.
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You have the Right to Remain in your Home for as long as you choose
You will NEVER owe more than the value of your home due to the "no negative equity" guarantee.
You have the freedom to move to another property without financial penalty (subject to provider criteria)
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