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Equity Release Advice Ashby de la Zouch

If you’re an Ashby homeowner over the age of 55 and would like to find out more about equity release Equity Select offer free consultations face to face or over the phone.

What is equity release?

Equity release is a product designed for those over the age of 55 who would like to release some of the wealth tied up in their property without having to sell it. The equity released comes to you tax free in the form of a mortgage with a fixed rate of interest. Typically, the borrowed money along with the accrued interest, is repaid to the mortgage lender upon passing away or moving into long term care.

Why Equity Select?

We pride ourselves on working with you, our clients, throughout the entire process, to ensure everything goes as smoothly as possible.
From the initial meeting right through until completion, whether you are looking for help with a mortgage, equity release or insurance we’ll be on hand to help you every step of the way.

What do we offer that’s different?

We truly believe that our passion to help you and our determination for you to succeed financially is what makes us different from others!

We know that not everyone likes technology; some people prefer to discuss their finances face to face. In this world with it’s rapid growth in technology, we still prefer to stick to some traditional ways. That’s why we offer face-to-face appointments to all our clients, at a place and time that works best for you as an individual.

For those of you who are more tech-savvy and are happy to work remotely, we can also help you!

Our website contains all the information regarding our services, so you can find out how we can help you personally.

Q What happens when I pass away?

The property will be sold once the last surviving spouse of a couple or you as a single person have either moved into long-term care or have passed away. The sales proceeds are used to repay the equity, and any money left over forms part of your estate.

Q What happens if I go into long-term care?

Whether you’re single or one of a couple, if you need care in your home, this isn’t likely to affect the terms of your plan. For couples, if one of you leaves to go into a care home, the other can continue to live in the property, and your plan is normally not affected. The plan will end if both of a couple or you as a single person have to move into a care home.

Q Will I be able to leave an inheritance for my family?

Yes, there are plans that allow you to leave a percentage of your property’s value to your beneficiaries. In addition, any funds remaining after the plan has been paid in full will be left to your estate automatically.

Q Are there any restrictions on what I may do with the money?

No, the equity release funds are tax free and may be spent in any way you wish.

Q Will I be able to pay back released equity early?

Yes, you may pay the equity back early, although this might be subject to early repayment charges. We’ll explain these in full at our initial meeting, as there are different options associated with each equity release product.

Q Will I have to make monthly payments?

Depending on the equity release product, you can either make monthly interest payments, ad hoc partial interest payments or no monthly payments at all. We’ll discuss this when deciding on the best plan for your needs.

Q What about repairs and maintenance?

You’ll be responsible for having both the relevant insurance policies in place for your property and for maintaining the property.

Q Will I ever fall into negative equity?

No. The providers I work with offer a “no-negative-equity guarantee”.

Q Will I be able to move house?

Subject to the lender’s criteria, you may transfer your existing plan to a new property.

Q Will I still own my own home?

With a lifetime mortgage, yes, you’re in control and may live in your home as long as you want to. With a home reversion plan, the reversion company will own all or part of the property, although you may live in it for the rest of your life.