We Break Down The 12 Main Reasons To Use Equity Release............
The main reasons to use equity release vary from client to client due to their individual needs and circumstances.
Paying Off Credit Cards
My clients have utilised lifetime mortgage borrowing to repay high interest cost credit cards in the correct circumstances and with full advice provided by Craig Oliver.
Clients have utilised a lifetime mortgage at the point their current mortgage expired. In some cases this option secured the clients security in their home for the rest of their life.
You can use a lifetime mortgage to complete an extension, add an orangery roof, update the home for the rest of your life or even adapt a living area for long term care.
You can use a lifetime mortgage to enjoy holidays every year by using a drawdown lifetime mortgage option.
Purchasing A New Property
Did you know you can use a lifetime mortgage to purchase a more valuable home and use the lifetime mortgage as deposit funds to enable the purchase.
Purchase A Holiday Home
You can use a lifetime mortgage to purchase a holiday home or log cabin. Just so you know some lenders will permit a lifetime mortgage security on a holiday home or second home at the same time as your main residence.
As car leasing costs in retirement can be a burden on your disposable income, a lifetime mortgage could just buy you the car you wish to use and leave you with more income.
Assisting Children And Family Deposits
A lifetime mortgage is a great way to help a family member upsize or even get their foot on the first rung of the property ladder.
Enjoy Retirement Stress Free
You can utilise a lifetime mortgage to provide income, future drawdown capital and provide peace of mind and financial security. Please remember the lifetime mortgage funds are provided to you tax free.
Inheritance Tax Planning
You can utilise a lifetime mortgage as part of an effective inheritance tax strategy. You should always take advice regarding inheritance tax planning. Some of my clients have legally gifted funds to their family as part of their own strategy with the correct financial advice.
Paying Off Any Existing Loans Or Mortgages
A lifetime mortgage can be a great tool to repay a repayment mortgage or even to repay an interest only mortgage. With the correct advice this could just be the route for you, please call us to discuss whether this is the correct option.
Providing Capital To A Charity
A lifetime mortgage can be utilised to assist a charity. I had a client borrow from a lifetime mortgage to assist their chosen charity as leaving an inheritance to family was not important to them.
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Equity Release Guru is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register \(http://www.fsa.gov.uk/register/home.do) under reference 610205.
In using this website I give express consent to Equity Release Guru to call me on the number provided from time to time. Calls may be recorded for training and quality purposes.
This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a Personalised illustration.
Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt.
Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.