Can you benefit from an equity release?
An equity release is available for homeowners who have paid off the entirety or most of their mortgage. If you’re a homeowner of pensionable age you have probably enjoyed watching property prices rise over the years and have paid off all or the majority of your mortgage. Our homes are often our greatest financial asset, and an equity release allows you to use the value of your home to get money when you need it, without having to take the heart-breaking decision of selling your home. So if you need to fund care or to help with your retirement, an equity release may present a great solution. You can decide exactly how much money you want and whether you want to keep a specific amount for your heirs to inherit. Indeed, the equity release reduces the value of your estate.
How does an equity release work?
An equity release mortgage is a way to release the value (equity) built up in your property to provide you with either a regular income or a lump sum of money, depending on the type of equity release plan you choose. In order to qualify for an equity release scheme you should have no current mortgage or a small one compared to the overall value of the property you want to release equity from.
There are two major types of equity release:
The Lifetime Mortgage
A lifetime mortgage consists of borrowing money and securing it against your home
The Home Reversion Scheme
A Home Reversion Scheme consists of selling all or part of your home.
Please note that an equity release reduces the value of your estate and may also affect your entitlement to state benefits.
What can Ostrich Money do to help with Equity Release?
We can put you in touch with a Financial Adviser which will first of all assess your current circumstances and needs and make you aware of any benefit payments or tax breaks that are available to you. They will then give you expert advice on the right route for your needs, whether that’s equity release or one of the other different financial solutions that are available.
This is an equity release plan. To understand the features and risks, ask for a personalised illustration
Why choose Ostrich Money?
Ostrich Money has teamed up with Aspire Financial Management Ltd which is part of Tenet, one of the largest and longest established financial adviser groups in the UK. Aspire's Financial Advisers, which are based throughout the UK, can give you expert advice on areas such as investments, pensions, protection, tax planning, mortgages, long term care planning and much more for a worry-free financial future.
Ostrich Money is a financial advice service provided by Aspire Financial Management Ltd. Aspire Financial Management Ltd is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 149826. The guidance and advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.