Stefan Spasic Just Wealth

There are two Equity Release schemes you can choose from in the UK, either a Lifetime mortgage or a Home reversion plan.

A lifetime mortgage is usually for people aged 55+ and is a tax free loan secured against your home. You can either draw down a single lump sum where you take the whole loan at once or you can receive payments in different amounts, as and when needed.

A home reversion plan is usually for people aged 65+ and allows you to sell between 25-100% of your home for cash. You can get the money as a lump sum or in regular, smaller payments. If you're wondering how this would work, you would effectively become a tenant in a home you used to own. You may have to pay rent to your equity release provider and your loan may affect any benefits you receive. When you die or move in to long-term care, your provider would sell your home and take their share but you will never have to pay back more than the value of your home*.

If you would like to discuss what option works best for you, get in touch with me and I would be more than happy to help point you in the right direction
#equityrelease #financialadvice

Approved by The Openwork partnership on 24/07/2023
*Source: Legal & General
A lifetime mortgage is not suitable for everyone and it is important to seek financial advice before taking any action. All other options available should be explored before choosing equity release.
Interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home potentially to nothing. Please discuss with your family and beneficiaries.
Just Wealth is a trading name of Just Mortgages Direct Limited which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Just Mortgages Direct Limited Registered Office: Colwyn House, Sheepen Place, Colchester, Essex, CO3 3LD. Registered in England No. 2412345.