Equity Release Age Concern
If you’re getting older and finding that your pension just is not stretching enough, you might have thought about looking into different equity release programmes like those provided by Age Concern (Now officially known as Age UK)
Age Concern or Age UK offer lifetime mortgages by Just Retirement Solutions, which might be able to help you.
The benefits of an Age Concern Lifetime mortgage include:
- Age UK customers get access to plans with exclusive features.
- You will only be charged arranging and advice fee if you decide to take out a plan.
- A state benefits check undertaken to see if are alternatives to releasing equity or additional benefits which you could be claiming.
What is a lifetime mortgage?
A lifetime mortgage is a loan provided to you by a lender based on a percentage of the value of your property. However it’s not like any traditional loan or mortgage you might have had in the past, you make an agreement with the lender that the debt will be repaid along with any interest on it through the sale of your house when you either die or move into long-term care.
This means that the belong the property for as long as you live there, plans normally stipulate that you can even move house and take your lifetime mortgage with you providing the new property is accepted to your product provider as continuing security for your equity release loan.
Some plans will even let you protect a portion of your home’s value to leave behind to your beneficiaries in your will.
As long as the plan you choose is registered with the Equity Release Council you will have a ‘no negative equity’ guarantee, this means even if your home decreases in value to less than you originally borrowed you will never be charged more than the amount it eventually sells for.
Find out more about equity release.
It is important that you carefully consider all of your options before committing to any plan, equity release is not right for everyone and it will reduce what you can leave behind to your loved ones. Therefore speaking to an intermediary might help you. to find out more about the different types of equity release and which one is right for you, simply click on the link and fill in the quick form and an equity release specialist will get back to you with free, no obligation quotes and advice
There are several equity release products available on the market; Age Concern equity release (Age UK equity release) is just one of many. To find out more about the different types of equity release and if one of them is right for you, simply click on the link and fill in the quick form and an equity release specialist will get back to you with free, no obligation quotes and advice.