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Equity Release: Good or Bad?
Sarah Ferrell, local Equity Release Adviser, spends much of her time talking to people who are retired, or approaching retirement, and are considering their financial options. Despite lots of television advertising and newspaper coverage there is still confusion as to whether Equity Release is a “good thing” or not. Over the years there has been a
significant amount of bad press on the subject, yet now adverts are encouraging people to use the equity in their homes to help finance their retirement… so which is right?
Why do so many people still think Equity Release is a “bad thing” The schemes of 40+ years ago were predominantly “Home Reversion” schemes which involved selling the property to the finance company in return for a lump sum. This meant that any potential inheritance was
MORTGAGES
immediately lost. Whilst there are still some schemes of this nature available today, most people opt for schemes where you retain the ownership of the property, with the lender having a first charge - just like any other mortgage.
I have heard I could lose my house or leave a debt to my children With the “no negative equity” guarantees available today, there is no fear of any onward debt. Equally, as you still own the property, there is no fear of losing your home.
What if I want to move house? Most of todays’ scheme are “portable” so they can be transferred. There are a number of factors, and potential costs, if somebody is considering moving. However, most schemes are flexible and can be moved to another property. Sarah says, “There are massive
EQUITY RELEASE
benefits to Equity Release in the right circumstances, however there can be long term implications that clients need to be aware of. It is important to be clear about all the factors so we can choose the RIGHT option for them.” “I am a great advocate of Equity
Release as it has changed people’s lives when they have been able pay for Home Improvements that would have been otherwise unaffordable. It has kept people in their homes when they felt the only option was to sell and I have also helped parents release equity to help their children buy homes or help family in other ways.” In Sarah’s opinion, somebody
considering Equity Release needs advice, guidance and information that is relevant to their particular situation. “There are so many different schemes available that it can be confusing without the right advice”.
RE-MORTGAGE BUY-TO-LET Equity Release can reduce the value of your estate and can affect your eligibility for means tested benefits.
With 27 years’ experience in finance and over 6 years specialising in Equity Release, Sarah takes pride in the time and care she takes with her clients. She is happy to visit your home and she is not just available 9-5, but will offer flexible times to suit her clients.
For more information or a free initial consultation, please call Sarah on 01622 631372, 07789 007447 or e-mail her at
info@sarahferrell-equityrelease.co.uk
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