Equity release and lifetime mortgages
There are many types of lifetime mortgages available on the market. These are generally referred to as Equity Release schemes. They are aimed at older retired homeowners who are "asset rich" but "cash poor," where there is a need to provide additional income or a capital sum. There are two main types of schemes:-
- Home Reversion schemes
- Lifetime Mortgages
Each is different and each suitable for different situations but generally
aimed at where there is a need to provide additional income or release capital
for older clients who are "asset rich" but "cash poor".
Theses pages aim to provide a background to the types of scheme and the
relevant issues. A range of guides can also be downloaded below. Professional
and independent advice on both lifetime mortgages and home reversion schemes
is essential and it is advisable to ensure that immediate family members
are involved in the process from an early stage.
Personal Investment Partnership is authorized by the FSA to provide advice
on, and arrange, both types of schemes from the whole of the market place,
as well as recommend a suitable solicitor to complete the related legal
work in respect of your property.
Advice on Lifetime Mortgages are regulated by the Financial Services
Authority (FSA) whereas currently Home Reversion schemes are not
regulated, and therefore you have no recourse on poor advice to the Financial
Ombudsman Service.
Personal Investment Partnership provides protection from my Personal indemnity
cover in the event of a complaint for the advice that it gives. This therefore
includes advice in respect of Home Reversion schemes.
If you have any questions about either Lifetime Mortgages or Home Reversion,
or are considering entering into such a scheme, please feel free to contact
me for a no obligation discussion or complete the Enquiry form.
To understand the features and risks of an Equity release scheme please ask for a personalised illustration
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but a typical fee for Mortgage advice is £1515
