If you are approaching retirement and considering ways of supplementing your pension, there are a number of options open to you. Bank loans and credit cards require credit and affordability checks and moving home can be very expensive.
Another option for over 55s is equity release. There are numerous equity release companies offering a variety of plans to suit different needs.
The best way to find out more about the equity release companies and their plans is to take independent specialist advice and no plan should be entered into without it. Here is a basic guide to give you some background before you speak to an adviser:
Equity Release Deals for Over 55s
Equity release companies include Aviva, Bridgewater, Liverpool Victoria, Just Life and New Life to name a few – many of which offer equity release deals to homeowners at the age of 55 and over. Not every equity release company offers plans to those under 60 or 65 years of age, so make sure you identify those that do if you want to take advantage at an earlier age.
Wide Ranging Deals
Some equity release companies offer a range of flexible plans, each with their own features and benefits such as the option to pay some or all of the monthly interest. It is good news that there is an increasing number of equity release companies now as this means greater choice for the homeowner and more chance of finding a plan that suits specific needs.
Help Finding the Best Equity Release Companies
Equity release can get complicated so knowing who to turn to for help is important. After all, you may be considering equity release but have unanswered concerns. In such situations, use a reputable and knowledgeable equity release adviser. They will know the industry inside out and will select an appropriate plan from one of the suitable equity release companies, thoroughly explaining why they made that selection.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668.