Everyone knows that property prices have risen in recent years, but that value is only on paper and it’s locked up in your property. You can’t invest it for income or inheritance tax, use it for long term care planning, or simply to make your retirement dreams come true.
Some people consider moving to a smaller property or a less expensive area, but many have no desire to move. Your house holds a lifetime of treasured memories and there is also the hassle and expense involved in moving house.
There is an alternative - an equity release plan, available to those aged over 55.
Aside from generating a regular income, the type of equity release plans on the market today allow you to release a cash lump sum secured against your property.
There are no monthly repayments and you can spend the money however you wish. Take the holiday of a lifetime, buy that classic car or mobile home that you have always wanted, perhaps add a conservatory to your home or create your dream garden. Alternatively you may want to provide your family with extra financial support such as paying for university fees or helping your grandchildren make that first step on the property ladder. You could simply provide an early inheritance, with the added benefit of being able to share in their enjoyment.
Equity release covers a wide range of financial planning scenarios, and touches upon many areas of your life; some financial and factual, some emotional and aspirational. Sensitive yet professional guidance is vital to ensure you enter into this type of arrangement fully understanding the impact on you and your beneficiaries now and in the future.
Without expert independent advice, how do you decide whether to go for a home reversion plan or a lifetime mortgage? Who has the most suitable scheme for your needs? What will it cost upfront and ongoing? What if your needs change in the future - how flexible is your plan and what costs will you incur? Who will explain to your beneficiaries what is happening and what it means to them?
Keith Lamley at Revelstone Financial Planning has extensive experience in this area and offers a personal and impartial service from the beginning of the process to the end, answering your queries and helping to sort out any arising issues. Testimonies are available on request.
Obtain a PDF copy of the regulators guide “Raising Money From Your Home”
To arrange a discussion of your circumstances and requirements without obligation, please email Keith Lamley or phone 0121 308 1152
