Use the Equity Release calculator for an idea of the maximum lump sums available

To work out how much could be released from your property through equity release, use the online Equity Release calculator for an idea of the maximum lump sums available.

To see how much Equity Release may be available to you, simply enter your property value, any outstanding mortgage (if applicable) and the age of the youngest applicant into the calculator below. The maximum lump sum figure will be returned.

If you are looking for equity release in London and need advice then we can help. Our link with specialist equity release advisers in London will ensure that you get the best possible advice on all the equity release schemes in the market.

We have teamed up with Retirement Solutions who are Independent Financial Advisers and specialist in equity release. They have advisers Nationwide but have two offices in London. Their specialist advisers will visit you in the comfort of your own home and explain to you in plain english how the differnet schemes work. They will if you wish allow you to have your family present so there are no shocks to your family in the future.

Go to the site Equity Release London

If you are thinking about taking out an equity release mortgage then it would be useful for you to read this short guide on how to do your research.

Equity Release Mortgages are available from age 55 and what they allow you to do is release the equity from your property without making any monthly repayments. The equity can be turned into cash or can be taken as monthly income.

Before you consider an equity release mortgage you need to first of all ask your self “what do i need the money for”, for example is it needed to supplement your retirement income, or is it needed to help fund long term care costs. It is really important that you do understand what you need the money for as equity release loans are an expensive way of borrowing money.

Once you understand what you need the money for then it is time to seek professional help. You could go off yourself to the internet and research all the equity release companies and produce a list of benefits and features of each plan but this would take endless hours of your time. Instead you should seek the help of an independent financial adviser and in particular one that specialises in equity release mortgages.

You can get Equity Release Advice from Retirement Solutions on 0800 043 6701

If you are looking for expert equity release advice in Manchester or indeed anywhere in the UK then we can recommend Retirement Solutions an Independent Financial Adviser.

What is Equity Release?

Equity release allows you to release cash or income from your home, while retaining the right to live in it for the rest of your life.

If you feel that releasing equity from your property is right for you, there are two main types of scheme currently on the market. The first is a lifetime mortgage, sometimes called an equity release mortgage.

Lifetime Mortgages products are for people over 55 who are homeowners. A Lifetime Mortgage can help free up part of the value of your house, without risk to your home and without any repayments if you choose.

The second type of equity release scheme is a Home Reversion plan

Home Reversion plans are a form of Equity release which allow you to sell all or part of your home for a cash lump sum while being allowed to live in the property for the rest of your life. Home Reversion Schemes are normally only available to people over age 65.

For equity release manchester, call the Retirement Solutions Equity Release Helpline 0800 043 0725 for specialist advice

If you are looking for expert equity release advice in London or indeed anywhere in the UK then we can recommend Retirement Solutions an Independent Financial Adviser.

What is Equity Release?

Equity release allows you to release cash or income from your home, while retaining the right to live in it for the rest of your life.

If you feel that releasing equity from your property is right for you, there are two main types of scheme currently on the market. The first is a lifetime mortgage, sometimes called an equity release mortgage.

Lifetime Mortgages products are for people over 55 who are homeowners. A Lifetime Mortgage can help free up part of the value of your house, without risk to your home and without any repayments if you choose.

The second type of equity release scheme is a Home Reversion plan

Home Reversion plans are a form of Equity release which allow you to sell all or part of your home for a cash lump sum while being allowed to live in the property for the rest of your life. Home Reversion Schemes are normally only available to people over age 65.

Call the Retirement Solutions Equity Release Helpline 0800 043 0725 for specialist advice

Commenting, Andrea Rozario, director general of SHIP, has responded, saying: “We are naturally disappointed that Prudential has decided to withdraw from the equity release market. In the current economy finding sufficient funding is an issue that many organisations face and this shows that equity release is not immune to these issues.

“However, with the UK’s over 65 currently sitting on £907 billion worth of equity in their homes and many struggling with insufficient pension income, we firmly believe that there is a strong market for this product – now and in the future.

“Consumers can rest assured that while Prudential may have withdrawn from the equity release market, they can still find an equity release product which suits them and their individual circumstances by speaking to one of our other members or a financial adviser.

“We hope that as the fallout from the credit crunch eases and liquidity returns to the equity release market, that Prudential as well as other big financial brands will consider adding equity release to the portfolio of products they provide.”

For a free guide to equity release visit retirement solutions

Since first offering equity release mortgages, I’ve often been asked, “How do I/we know if a equity release mortgage is right for me/us?” This is a question that has a different answer for different people. I always start with the same first response, “The first thing I would recommend is that you seek the guidance of a qualified independent financial adviser”. After having given that advice, I am only too happy to go through the circumstances for the individual borrowers and give them their options.

A equity release mortgage is not an inexpensive loan.

The loan fees from most equity release mortgage companies are typically around £600 plus there is compound interest on the loan, the current interest rates range from around 6.25% to 7.25% depending on the provider and the size of the loan you are trying to raise.

So now that you know what the costs are, how can you decide if you should go ahead with the equity release mortgage? If you’re a senior homeowner, ask yourself the following questions:

1. Do you find yourself short of funds every month?
2. Do you wish you had money to repair your home but don’t and can’t borrow and make payments?
3. Are there rising medical costs you can’t quite cover and your insurance doesn’t cover them either?
4. Are you making a monthly payment that is keeping you from being able to live your life as you would like?
5. Do you wish you could travel, or help a loved one through their education but you just don’t have the funds in the bank to do so?

If you answered yes to any of the questions above, it may be time for you to put your equity to work for you with a equity release mortgage.

I have seen a lot of good that Equity release mortgages have done for senior borrowers. I’ve seen them change lives and living situations for the better. I’ve seen people come out of foreclosure with a equity release mortgage and never have to make another mortgage payment. But is there a time when a equity release mortgage is NOT right? Honestly, yes.

There are a few examples I can think of off the top of my head for which I would advise a senior borrower not to get a equity release mortgage. Equity release mortgages are not inexpensive, if you did not intend to occupy the property much longer, that is, you thought you would move soon, I would advise against a equity release mortgage unless it was the only alternative you had to keep your home out of foreclosure in the mean time. Some married couples have one borrower old enough to take advantage of a equity release mortgage but the other spouse is too young. In this instance, I see them wishing to quit claim the younger spouse off title to obtain the equity release mortgage.

I don’t recommend this unless the older spouse is adequately insured so that if the older spouse passes, the mortgage can be paid in full. If not, the loan would be due and payable, and even if the younger spouse was now old enough to qualify for a equity release mortgage, chances are pretty good that he/she would not be eligible for a high enough loan amount to cover the old balance left by the equity release mortgage from the passing older spouse that has accumulated interest. In this case, if the younger spouse did not have adequate funds from another source to pay the mortgage in full, he/she would be forced to sell the home and would be displaced.

I do not recommend a equity release mortgage to those whose health is so bad that they know there will not be at least one borrower able to stay in the home anyway (once all borrowers on the original loan are out of the home for a period of 12 months, which includes nursing homes, the mortgage becomes due and payable).

There is no income qualification for a equity release mortgage, however, if you know that even with the relief you gain from a equity release mortgage you cannot afford the taxes, insurance and upkeep on your property, then I would suggest you look at other alternatives. Equity release mortgages require that the borrowers still pay all the taxes, insurance and maintain the property in reasonably good condition. If your monetary needs are temporary, then the costs of a equity release mortgage may not make it the best option. Finally, if you don’t really even need a equity release mortgage and someone is trying to talk you into one, then talk to your trusted family members or independent financial adviser.

It could be that the person trying to convince you is looking out for your best interests and wants to see you more comfortable or prepared for future events, or it could be that they have other motives and you need to really look at your circumstances and determine whether a equity release mortgage is right for you.

Kevin Stelfox, has over 20 years of financial services experience. Equity Release News aims to bring you all the best and latest equity release news. Freephone 0800 043 0725