The Benefits of an Equity Release Plan

Most plans now feature much more flexibility than in the past, here are just some of the features:

Lump sum of tax-free money
Continue to live in your own home (Lifetime mortgage only)
Choose to protect an inheritance
Choose to have no monthly repayments
Make repayments if you want to
Add a cash reserve facility
Maintain 100% home ownership
You can spend the money as you wish
Ability to still move home in the future
No-negative-equity guarantee feature
Low rates and you can fix for life
Higher cash release available

You could continue to own your home so you will benefit fully from any future increase in its value. There are also guarantees with some plans to make sure you never pass on any debt, or ‘negative equity’, in your estate and you can choose a plan that has an option to be ‘portable’. This means you could move home in the future

Drawn down life-time mortgages are a variation of lump sum lifetime mortgages, but with the following differences: you can carefully manage the withdrawal of funds as and when you require them and you only incur interest on the amount you actually borrow so the interest that builds up is likely to be less than if you had taken all of the money in a single lump sum. You can also tie in the amounts you draw down with certain life time events or requirements.

Therefore this is a more flexible way of borrowing and is widely recognized as the most popular form of equity release on the market today.

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