Unlocking the financial potential in your property can provide a lifeline during your later years. At Red Rose Financial Services Ltd, with over 15 years of combined market experience, we specialize in guiding you through the equity release process, ensuring you make informed decisions that serve your long-term interests.
Written by:
Nagina Haroon CeMAP
Director
Last Updated:
04.12.2023
Written by:
Nagina Haroon CeMAP
Managing Director
Last Updated:
04.12.2023
Equity release offers homeowners the ability to access the money tied up in their property without having to move out. There are primarily two types:
This is the most common form of equity release. Homeowners borrow money against their home's value, and the amount borrowed, plus any accumulated interest, is repaid once the home is sold, typically upon death or moving into long-term care.
Here, you sell a portion or all of your home to a provider in return for a lump sum or regular income. You can continue living in the property until you die, after which the home is sold, and the proceeds are shared based on the remaining ownership proportions.
The amount available depends on factors like your age, property value, and the type of equity release mortgage you choose. Typically, older applicants can release a larger proportion.
Yes, especially when guided by a reputable adviser like Red Rose Financial Services Ltd. The Equity Release Council sets standards to ensure consumers’ protection.
- Access to cash without moving.
- No monthly repayments for lifetime mortgages.
- Inheritance protection options.
- Reduces the inheritance value.
- Accumulated interest can be high.
- May affect state benefit entitlements.
Typically, homeowners can start at age 55, with no upper age limit for most providers.
Fees can include:
– Application fees.
– Adviser fees.
– Valuation charges.
– Legal fees.
For lifetime mortgages, repayment happens when you pass away or move into long-term care. For home reversion, the property sale covers the repayment.
Your property may be sold to repay the equity release loan. If moving into care jointly with a partner, the remaining partner can continue living in the home.
We offer comparisons in real-time, thanks to our deep-rooted relationships with lenders.
Every individual’s financial situation is unique. With our transparent and customer-centric approach, we can advise on whether releasing equity is right for your long-term needs.
Rates and charges vary. Our established connections ensure you’re privy to the best rates in the market.
At Red Rose Financial Services Ltd, we have fostered a culture of transparency and unmatched customer service since our inception in 2023. Our glowing reviews and repeat business speak for our commitment. Beyond equity release, we offer a diverse range of financial services and have partnerships extending to areas like Pensions, Wills, and Trusts. To understand more,visit our homepage or connect with our devoted team at 0333 090 9467.
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Director
Qualified Solicitor
An Equity Release Mortgage allows homeowners, typically those aged 55 and older, to release a portion of the equity tied up in their property without having to move. This can be done through either a lifetime mortgage or a home reversion plan. The amount released is repaid, with interest, from the sale of the property when the homeowner passes away or moves into long-term care.
Equity Release Mortgages provide homeowners with a way to access a lump sum or regular income while continuing to live in their home. The funds can be used for various purposes, such as supplementing retirement income, home improvements, or helping family members financially. Additionally, there are no monthly repayments, and you retain ownership of your property.
Before choosing an Equity Release Mortgage, you should consider factors like your age, health, financial goals, and the impact on your inheritance. It’s crucial to seek independent financial advice to understand the potential implications and alternatives available to you.
The amount you can release depends on factors such as your age, property value, and the type of Equity Release Mortgage you choose. With some plans, you can ring-fence a portion of your property’s value to leave as an inheritance. Our mortgage advisor will help you explore options that align with your goals.
If you decide to move or sell your property, you can typically transfer your Equity Release Mortgage to the new property (subject to lender approval) or repay the loan, including any accrued interest, from the proceeds of the sale. Our experienced mortgage advisor can guide you through this process to ensure a smooth transition.
Ready to dive into the world of mortgage comparison and secure the best Equity Release Mortgage? Speak to a mortgage advisor today and let’s embark on this journey together.
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Red Rose Financial Services Limited is an appointed representative of Beneficial Ltd, which is authorised and regulated by the Financial Conduct Authority, FCA number 736655.
Red Rose Financial Services Limited is authorised and regulated by the Financial Conduct Authority, FCA number 1006655.
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