legal & fi nancial
“People are now spending much longer in retirement than used to be the situation a couple of decades ago”
easy fi nancial strain, many will not wish to adjust their lifestyles to accommodate a lodger living in their home. A safe alternative, to which more
and more homeowners are now turning, is equity release. This is a way for homeowners, who are 55 years old or over, to release tax-free cash from the value tied up within their homes, and still retain the right to stay in their homes – and, most importantly, there are no monthly repayments to make. The cash released is tax-free and can be used at the discretion of the homeowners for a wide range of purposes. Equity release plans have been
regulated by The Financial Services Authority (FSA) since 2004 and are subject to both the The FSA Conduct of Business Rules, providing client protection, and The Financial Ombudsman Service, in the event that a complaint is not resolved satisfactorily. Additionally, equity release plan
providers adhere to a strict code of ethics (Safe Home Income Plans) offering a number of guarantees, including security of tenure as the homeowner will never lose their home resulting from an equity release plan. And, they will have the freedom to move to a suitable alternative property if that becomes the decision at some time in the future. (Visit
www.ship-
ltd.org for more details.)
The Financial Services Authority suggests that the family home should now be considered alongside savings, investments, and pension funds within the whole retirement process. An All Party Parliamentary Group has supported, also, the use of house equity in retirement. Equity release, therefore, has an
important role to play either where there
is a “need” for money or where there is a “desire” for an improved lifestyle. It is no longer the product suitable only for those in distressed circumstances. Equity release represents a plan that, feasibly, should be included in normal retirement planning. The recent research, undertaken by The University of Birmingham, on behalf of Age UK, has shown that there is a very high level of satisfaction amongst those respondents who have taken out an equity release plan (97%). Great Stour Associates provide an impartial equity release service, based upon a whole of market assessment that often saves clients many thousands of pounds.
Established in 1988 by Keith Harris,
has offered specialist equity release advice since 2004. Keith is a fully-qualifi ed equity release adviser (by written examination) and is directly authorised and regulated by The Financial Services Authority (registration no. 303810). With 27 different regulated equity
release plans available today, it is most important to receive expert guidance from an impartial, qualifi ed adviser who is independent of all plan providers. A qualifi ed adviser can determine the suitability of equity release in general, and then identify the specifi c product(s) than can meet the homeowners’ needs, circumstances and aspirations. • For more details, or to arrange an initial free, no obligation meeting, contact Keith Harris FPC, MAQ, Cert. Lifetime Mortgages, Cert. Regulated Equity Release, Great Stour Associates, 75 Stour Street, Canterbury CT1 2NR, call 01227 479933, email keith@
greatstourassoc.com or log on to
www.equityrelease-kent.co.uk
Equity release may involve a Lifetime Mortgage or a Home Reversion Plan. To understand the features and risks ask for a personalised illustration.
20
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52