Equity Release and Lifetime Mortgages
Equity Release enables you to access the equity or ‘cash’ from your home to help you in your retirement. You can continue to live in your home and you will retain ownership during your lifetime.
The equity released from your home can be paid as a tax-free lump sum or as a regular income to enhance your pension via a Lifetime Mortgage.
It’s vital to understand the benefits and any potential drawbacks before deciding whether a Lifetime Mortgage is right for you and specialist financial advice is essential.
At Stan Sherlock Associates, we have two qualified and licensed Equity Release Financial Advisers – Bobby Sherlock and Anne Preston. They will discuss your long-term plans and take a holistic view of your retirement finances to help you decide whether releasing the equity in your home is right for you.
If you do decide on equity release, we will recommend the most suitable Lifetime Mortgage products based on your age, income, the amount of money you’d like to release and any other personal circumstances.
We have selected a panel of lenders based on their expertise, competitive product offer and excellent customer service. These include Aviva, Canada Life, Hodge, Legal and General, LV= and more2life.
Equity Release is available to anyone over 55 years of age who owns their home.
A Lifetime Mortgage is taken on the equity or value of your home and released to you as a tax-free lump sum or as a regular income (or in some cases a combination of both).
You continue to own your home until the last owner dies or goes into long term residential care. At this point the property must be sold and the mortgage repaid in full.
Although usually fixed for the term, interest rates can be higher than an ordinary mortgage making a Lifetime Mortgage more expensive.
Some Lifetime Mortgages enable you to pay off some of the interest or capital during their term, while others can only be repaid on your death or move into longer term care. It’s important to understand the level of debt that must be repaid as it can be significant.
The value of your home and whether it will increase in value over the years is another consideration, along with whether you’d like to leave an inheritance to loved ones or charities.
Get the right advice about equity release and lifetime mortgages
Why work with us?
Deciding to release the equity from your home is a complex decision and specialist advice is essential. At Stan Sherlock Associates, we aim to build long term relationships with our clients and provide you with an advice service over your lifetime and ensure you always have the right deal for your situation.
Although based in Carlisle, our clients come from much further afield. We regularly work with clients from across Cumbria (including Kendal, Keswick, Penrith, Whitehaven and everywhere in between), the Scottish Borders and North East England. Many of our financial advice services can be provided by phone and email but our advisers are always happy to meet you face to face.