A number of elderly people who own property are finding it increasingly hard to fund their life style on limited income particularly if their pensions are low. They may require capital for home improvements, medical treatment and/or long term care or just to enhance their current income.
Equity Release schemes are aimed at the over 50’s and primarily the elderly. It is a way of releasing the equity in the home to generate an income, capital or both. (Equity is the value of the property at current market value less any mortgage or debt set against the property.)
It is very important that professional and sound financial advice is obtained before proceeding in this way. Competent financial advisors should always carry out a ‘financial healthcheck’ to ensure that other alternative sources of income have been considered before a decision is made.
Equity release schemes will require a mortgage over the property and there will be specific terms as to repayment and occupation of the property.
If you require independent financial advice please contact James Swanson at Wellserve Financial Limited on 020 8290 7995 or email james.swanson@wellserve.co.uk
They are independent financial advisors regulated by the Financial Services Authority although partners in Wellers are also directors of Wellserve.
To contact an expert in Equity Release please telephone 0208 290 7969 or email Debbie.Greer@wellerslawgroup.com
