“We are qualified equity release mortgage advisers meaning that we are approved to offer advice on later life lending.”
Ian Ward CeMAP CeRER
Director
A home reversion plan is a type of equity release which allows individuals aged 55 and over to release money from the property they live in without having to make any monthly payments.
Home reversion plans, or equity release, can be an attractive option for those aged 55 or over as it can help to pay for:
- Home improvements or adaptations to help you live in your home independently for longer
- Any outstanding debts such as mortgages, credit cards or personal loans
- Help around the home including domiciliary social care
- Big ticket items such as a new car
- Helping your children and grandchildren with deposits on a house or university fees
Why talk to Willson Grange about the types of equity release?
Our advisers Ian Ward and Rebecca Egerton are experienced and qualified in providing advice on equity release. Importantly, we are also members of the Equity Release Council. If you or a relative are considering equity release as an option, one of the first things you should do is talk through your plans with a qualified equity release mortgage adviser.
There are two different types of equity release; Lifetime Mortgages and Home Reversion plans. Both are regulated by the Financial Conduct Authority. The team at Willson Grange can help you understand the pros and cons of both, completely free of charge. Just get in touch and arrange an appointment.
There will be a fee for lifetime mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £995.00.
We can look at releasing equity either through a Lifetime Mortgage or Home Reversion Plan. To understand the features and risks, we will provide you with a personalised illustration. Releasing equity from your home may reduce your right to state benefits both now and in the future, and may reduce your estate on death. You also may not be able to release additional money from your home in the future.
A home reversion plan can boost your income later in life by allowing you to release some of the equity held in your property. You sell all or part of your home in exchange for a tax free cash lump sum, or regular payments, and a lifetime lease. After that, you are guaranteed the right to stay in your property rent-free for the rest of your life. Confusingly, there are many lenders and products in the equity release market, and we can help you find the best deal based on your individual needs at the time.
Can I continue to live in my home?
With a home reversion plan there is no day-to-day interference and no restrictions on treating the house exactly as before; as your own home to live in freely. The percentage you retain in your property will always remain the same regardless of the change in property values, unless you decide to take further cash releases. With a home reversion plan you will know exactly what you have parted with and also what has been ring fenced for later use. At Willson Grange Mortgages our advisers talk you through the agreement and make sure everything is communicated clearly in writing to ensure you understand and agree to the terms of your home reversion plan.
This is something you will need to consider when taking out a home reversion plan. You might need a lump sum now but you may also like the flexibility of drawing down regular or occasional amounts as you need it. The way in which you borrow the money has an impact on the interest to repay so this is something our equity release mortgage advisers will talk through with you.
You may like to share any financial plans for your home and your future with your family. We are happy to talk through the options for equity release with you in the presence of your family members. In particular this can be very important if you are releasing equity from your home to help support your loved ones with their plans. We can act as a trusted and continued source of mortgage advice for your family members.
Equity release is becoming more popular as we are living longer and our lifestyles change. This does not mean you should enter into an equity release mortgage lightly. It is still a big decision to free up the wealth in your home that you have worked so hard to achieve. It may be that there are other mortgage options that you have not considered, which is one of the reasons why you should talk through your plans with a qualified and independent mortgage adviser.
Experienced and qualified equity release advisers
At Willson Grange Mortgages we are experienced in helping clients make decisions about finance involving their homes. If you do decide to go ahead with equity release through Willson Grange Mortgages, you can be confident you have received advice from a member of the Equity Release Council – a seal of approval for us as equity release mortgage advisers. Call, email or visit us for your free of charge consultation with one of our friendly and trusted mortgage advisers.
Get in touch with our team of experts about home reversion and equity release
✓ We are members of the Equity Release Council
✓ Our Mortgage Advisers are specifically qualified in later life lending
✓ We offer independent, whole of market equity release advice
✓ Free of charge initial consultation to discuss your mortgage needs
✓ Appointments in the comfort of your own home
✓ Excellent customer service proven by client testimonials
✓ Access to equity release finance not available on the high street
✓ Peace of mind arranging your finances through a professional
✓ Confidence that we have explored all options available to you
✓ Regular updates from our customer focused and caring team