We can help you release equity from your home with a lifetime mortgage
Equity Release is a way of releasing the wealth tied up in your property, without having to sell it and move. You could choose to either borrow against the value of your home (a lifetime mortgage) or sell all or part of it in exchange for a lump sum or regular monthly income (a home reversion plan).
It may also be possible to take further monies from your property at a later date, if required.
Equity Release is designed to help customers over the age of 55 who either own their property outright, or have small mortgages left to pay. Want to find out if it’s right for you? Book a free review and download our guide below.
A lifetime mortgage can be used in all sorts of ways. Some of the most common include:
- Making essential home repairs or other improvements to help you make the most of your home for the rest of your life
- Giving to your loved ones – helping children or grandchildren buy their own home for example, or just a way of helping them to have their inheritance when they will benefit from it most
- Clearing your mortgage or other debts – without the need to assess your affordability, or make monthly payments
- Giving you some money to make the most of your time and health – generate an extra income, pay for a dream holiday, or a better quality of life
- Pay for your care fees – you can release funds as a lump sum or in stages to cover costs when you need additional care
It’s your asset, and your money, so unlike a standard mortgage, there aren’t many restrictions on what you can do with it.
We make sure you get great value
At WR Ethical, our aim is simple. We want to help you find the best possible mortgage option – without costing the Earth.
This means that we will take our time to go through your options carefully, and only consider what is in your best interests – not ours. For example, when looking to release equity in your home, we will consider what is best for you. Whilst equity release often makes sense, as you can release funds, and choose not to make any payments, then we will consider the other full range of options for over 55s:
- Equity release (a lifetime mortgage where you have choices over what happens to the interest payments)
- a RIO (Retirement Interest Only) mortgage – also a lifetime mortgage, but you pay the interest.
- a standard mortgage based on your earnings (many high street lenders will now lend to age 75, with some going to age 80 and beyond)
- a later life mortgage, based on your pension (whether you a receiving it yet or not, and whether you have defined benefits, or a pension pot).
Unfortunately, the equity release industry had a rocky start, with some aggressive sales tactics, high fees and a lack of care. Tighter regulation has now meant that you are much less likely to have a bad experience, but we do still see some equity release advisers charging fairly high fees, which doesn’t sit well with us. So, as with all our mortgage advice, any advice and recommendations are free. If you do want us to put in an application, we try to keep your costs to a minimum, and publish them here – equity release is a ‘specialist’ application.
Not costing the earth means that we try and act in the best interests of people and the planet before profit. We are Fair Tax certified, use Ethical Consumer for independent analysis of mortgage providers, and are happy to discuss the pros and cons of the various lenders with you.
Our advisers are not able to offer Home Reversion advice, however, we will gladly refer you to one of our partners if this option is of interest.