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Lifetime Mortgage & General Equity Release Advice in Haringey.
Reviewed by Tom Philips
Get in touch today on 0330 058 1579 for a free, zero obligation consultation. We can help you locate equity release advisors in your local area.
Equity release Haringey is a way for pensioners and homeowners over the age of 55 years old to gain access to the money that has built up in their own home over the years.
The reality is that most homeowners over the age of 55 years old are sitting on a huge amount of equity in their properties.
Whilst they might be sitting on a lot of equity, many pensioners and retirees might be struggling from a lack of cash, especially considering the rising cost of living.
Many retirees might not benefit from a large pension, meaning that they might be struggling for money throughout their retirement years.
This is not how anyone plans on spending their retirement, which is why a lot of people opt for equity release Haringey.
When you opt for equity release in Haringey, you will gain access to the money that is rightfully yours, whilst getting to remain living in your house for as long as you want to [1].
This means that you do not have to sell your property or downsize to a smaller one in order to gain access to this money. It’s no surprise that most pensioners would rather not move home in later life.
Afterall, most pensioners have been living in their home for a number of years, and have many memories in their house.
Moving house is also incredibly stressful, and not everyone would be able to deal with the stress and pressure of selling their house and moving home. This is why equity release is a great option [1].
When you release equity from your home in Haringey, you do not have to repay the loan until after you pass away or move into a care home for health reasons. When this happens, your house will be sold. The proceeds from the sale of the house will be used to pay off the loan.
It is important to understand that as with any type of loan, you will be charged interest on your equity release plan. This means that your overall loan amount will be more than the initial, starting amount.
A lot of homeowners aged over 55 years would rather not move home in later life. Afterall, most pensioners have been living in their home for a number of years, and have many memories in their house.
As all equity release loans last for as long as you live, the interest will easily compound over time.
This is why you must always sit down with a fully trained equity release advisor so that they can ensure that the value of your house will always cover the cost of the final loan amount.
Even if it does not, your plan will always benefit from a no negative equity guarantee. This guarantee ensures that your next of kin and loved ones will never find themselves liable for covering the cost of your loan. Instead, the banks will always be liable.
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If you are considering equity release Haringey, then you will need to understand the key difference between lifetime mortgages and home reversion plans.
Lifetime mortgages allow individuals to release money from their home. You will remain the sole owner of your property, and are able to remain living in your home for as long as you would like.
You do not have to make any mandatory payments whilst you live. Instead, the loan will be repaid when you sell the house after you pass away.
In order to qualify for a lifetime mortgage, you will have to be aged at least 55 years old and own a property worth more than £70,000 [2].
Home reversion plans work a bit differently to lifetime mortgages. In order to gain access to your money through a home reversion plan, you have to sell a certain percentage of your property to the lender.
This could be as much as 90%, or as little as 10%. However, it is important to understand that when you sell a portion of your home to the lender, you will be selling this for significantly less than the current market value of your home [2].
Whilst many people might not want to do this, you get access to your money and get to remain living in your property as a result of selling a percentage of your home.
Lots of people across the country qualify for equity release. There are a few general qualification criteria factors, but each lender has their own qualification criteria and you will need to check with your chosen lender to see if you qualify.
For lifetime mortgages you have to be aged at least 55 years old. If you opt for home reversion plans, you have to be aged at least 65 years old.
If you live in the UK, then you also have to own your own home worth at least £70,000 and this property must be your main residence.
You must also be prepared to stay in your home for the rest of your life. Although you are able to sell your house if you need to before you die, this is complex and won’t always be easy and straightforward.
Equity release in Haringey and throughout the rest of the UK is designed for anyone who is nearing retirement, who thinks that they might need more help financially throughout their retirement.
Equity release in Haringey is also designed for people who simply aren’t able to sell or downsize their home.
There are many advantages to equity release in Haringey, which is why it is such a popular option with homeowners aged over 55 years old.
The biggest benefit to equity release in Haringey is that you get access to your money and are able to spend this money however you want to.
You can spend this on yourself, and treat yourself to a lovely, long, once in a lifetime holiday. Alternatively, you can choose to make some home improvements to your property, or choose to give your money to your children or grandchildren.
The other great thing about equity release in Haringey is that you will be put onto a fixed interest rate for life, which means that you will know exactly how much money you will have to repay from the sale of your house after you pass away.
You also get to remain living in your home for as long as you want and will never be asked to move home by the banks or equity release lender.
This means that you can remain living close to your friends and family, and get to remain living in the home that you have created so many memories in over the years.
Despite what many people think, opting for equity release in Haringey means that you will be protecting your inheritance, as lots of lenders allow protection when it comes to the value of your home, meaning that a portion of your inheritance will be reserved for your next of kin, no matter what happens.
Some of the reputable lenders the financial advisors will research on your behalf include Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.
All equity release plans and schemes across Haringey and the rest of the UK are also regulated and monitored by the Equity Release Council, as well as the Financial Conduct Authority.
This ensures that all schemes offered to the public are fair, transparent and financially safe.
There are a number of disadvantages when it comes to equity release in Haringey. Unfortunately, opting for equity release can be expensive.
There are a number of set up costs associated with equity release in Haringey, including the cost of an advisor, a valuation and a solicitor, not to mention the compound interest on your loan.
For this reason, equity release is recommended for those who do not want to move home or cannot move home for whatever reason. If you are able to move down and downsize to a smaller property, then this will always be recommended.
Another downside to equity release in Haringey is that once you have been accepted for the loan, it is incredibly difficult to get out of the agreement. This loan will also last for as long as you live, and you will be paying interest on your loan after the month that you live.
It is also important to think about how opting for equity release in Haringey might affect any means tested benefits that you currently receive. These benefits might stop when you receive your equity release, as this also affects your tax status.
If you are struggling to meet rising costs due to the increasing cost of living, then it might be worth reaching out to one of the organisations in Haringey that can help. Such organisations include:
Address: 20e Waltheof Gardens, London N17 7DN
Telephone: 0808 278 7966
Website: http://www.citizensadviceharingey.org.uk/
Address: 22 Dalston Ln, London E8 3AZ
Phone: 020 7249 7149
Website: https://www.ageuk.org.uk/eastlondon/our-services/information-and-advice/hackney-ia/
Address: Jeremy Hopgood Rooms, Caxton House, 129 St John’s Way, London N19 3RQ
Telephone: 020 7561 1786
Website: https://www.credit-union.coop/
If you would like to talk to one of our advisers about equity release in Haringey, then give us a call at 0330 058 1579.
We will advise you on what type of equity release mortgage you might qualify for and will use our own equity release calculator to work out how much equity you would be able to release.
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