22 Homes & gardens
Make The Most Of Your Retirement We are all living longer and planning to do more with our free time... ..But a changing economic climate and pension provisions mean many people donâ€™t often have the money to realise their retirement dreams. Equity release is beginning to play an important role for home owners aged over 55 and in my experience the most important factors for people seeking advice is to demonstrate and be able to guarantee the following: â€˘ There must be a â€˜no negative equity guaranteeâ€™ to safeguard your beneficiaries â€˘ You have the right to sell your home at any time to down-size or move into other accommodation, the amount owed is then repaid with any balance transferred to your bank account â€˘ No monthly payments are made, as interest is rolled up on a lifetime mortgage. If a Home Reversion plan is more suitable you would sell a proportion of your property and remain in your home for life with no roll up of interest on the percentage of the value retained.
â€˘ You are able to remain in your own home for as long as you wish â€˘ Money borrowed will be at a fixed rate of interest for life, is tax-free, and can be used for any purpose There are many reasons why people raise money using Equity Release: to repay an existing mortgage, home improvements, buy a motor home, travel abroad, help their children with house purchase or to enhance their own lifestyle. Before making any decisions you are advised to seek independent professional advice from a person qualified and approved by the FCA. This can be checked on the FCA Register: www.fca.org.uk/register or telephone 0800 111 6768.
you to discuss and reflect on the advice given. In my opinion you should not make any decision at the first meeting. This should be to establish whether the person giving you the advice is acceptable to you or not before asking him or her to obtain further information specific to your own needs. It is an FCA requirement that Keyfacts are given to you and thoroughly explained, this may be from two or three providers to assess the most suitable before making your decision to apply for either a lump
sum of money, income or to secure a facility that will allow you to draw down sums as and when required. There are many options available to you hence the reason why it is necessary to be fully informed. For further information please call me on 01508 483983 or visit my website: www.businessmattersifa.co.uk - My FCA number is 301141 Michael Boon Cert PFS CeMAP CeRER member of the Equity Release Council
Before deciding whether Equity Release is suitable for you, your questions should be answered to your total satisfaction, be prepared to take time over this, never be rushed into something if you are in any doubt. If you are single or living on your own, consider inviting a friend or a family member to be with you. This will enable
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