Age partnership would like to make our senior members aware of a service they can provide .The over 50's money experts can offer our senior members free initial advice and no obligation quotation on Equity release. Only if you choose to proceed and your case completes would a typical fee of 1.95% of the amount released be payable.

Despite recent ups and downs in property prices our homes are usually our biggest asset. Because of this, many millions of Britons who have reached or are approaching retirement age now find themselves with a wealth of equity that far outweighs that of their savings and income.

What is equity release?
The value of your home, minus any mortgage you may owe, can be described as your 'equity'. Many people choose to leave it tied up in their property throughout their lives. However, more and more people are now choosing to release some of this equity and turn it into a lump sum of money.

How does it work?
Equity release may involve a home reversion or a lifetime mortgage, which is secured against your property. With a lifetime mortgage you maintain home ownership, whereas a home reversion plan involves an equity release provider essentially buying a percentage of your home from you.

Do I have to make monthly repayments?
With the most popular type of equity release plan, a lifetime mortgage, you don’t have to make any regular monthly repayments. Instead, interest is rolled-up against the loan so that you have nothing to pay during your lifetime. Then when you pass away, or move into long-term care, the house is sold and the loan, including the accrued interest, is paid off with any remaining money passing to your estate.

Will I still retain ownership of my home?
This is not the case for all equity release plans. A lifetime mortgage plan allows you to maintain full home ownership. This is the most popular plan that we offer, for many over 55’s considering taking out equity release.
However, homeowners who choose to take out a home reversion plan, sell a percentage or all of their home in exchange for a lump sum of cash, along with the right to stay in the property, rent free for as long as they live.

What if I want to move home?
All equity release plans offered by lenders that are members of the Equity Release Council are portable. This means that the plan can be moved to another home, so long as the new property is acceptable to the lender, based on their criteria at the time.
However, if downsizing to a lower valued property on a lifetime mortgage for example, the lender may require part of the loan to be repaid in order to keep it within their limits at the time.

How will this affect my children’s inheritance?
Whilst releasing equity will reduce the overall value of your estate, there may still be some left for your beneficiaries to enjoy. Furthermore, some lenders offer inheritance protection guarantee on lifetime mortgage plans, which means you can release less but allows you to safeguard a percentage of your home’s value.
The Equity Release Council introduced vital safeguards for customers in 1991 that still stand today. These safeguards guarantee that the homeowner has the right to remain in their own home until the last owner dies or moves into long-term care, and there is a ‘no-negative equity guarantee’, which means that you will never pass on the debt to your estate.

What can I spend the released funds on?
Anything you wish. Popular uses include home improvements, repaying mortgages, holidays, new cars and helping the family.

How much can I lend?
The amount you can lend depends on your age and the value of your property. However, some lenders will also take into account your health and lifestyle. To receive an estimate now follow the link to the Age Partnership Equity release Calculator by clicking Here.

Further information on the partnership with Age Partnership and the services they can offer our over 50's members will be appear in the club shortly or you can visit their website online by clicking Here. Alternatively email our treasurer via the clubs contact page to gain further insight.

Equity release may involve a home reversion or a lifetime mortgage, which is secured against your property. To understand the features and risks, ask for a personalised illustration.
Equity release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

By Helping our over 50's members with their finances Age Partnership will support the Club.