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Equity release schemes – Two popular types of lifetime mortgages

Monday, November 29th, 2010

Equity release is a scheme which is designed to assist retired homeowners release some money against the value of their homes. If you find it difficult to live with small pension, possibly even benefits and little savings then equity release is an ideal option for you. Once you have opted for equity release then the eventual repayment will be done after your death or when you move to long term care. This is the time at which beneficiaries will be in receipt of their inheritance.

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Today, two different types of equity release schemes have been introduced to the market. These include home reversion plans and roll-up lifetime mortgages.

Many homeowners opt for lifetime mortgages because they offer great benefits.

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Two types of lifetime mortgages: -

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Roll-up lifetime mortgages – These equity release schemes are specially designed for those who want to release equity without paying monthly repayments. The amount that can be released is based on the age of the youngest applicant & the property value.

The younger the age, the lower the equity release sum that can be released. The reason for this is down to life expectancy, as lenders do not want to release too much at a younger age due to the roll-up of interest. With average life expectancy of a 60 year old now reaching beyond 80, lenders must err on the side of caution. The reason being that they do not want the equity release balance to reach beyond the property value in the future. This would cost them dearly as the no negative equity guarantee would then need to be invoked.

The mechanics of the roll-up lifetime mortgage means that the interest will be compounded monthly or annually & re paid eventually along with the original capital on the eventual sale of the property. Another important feature of these equity release schemes are that they allow you to maintain 100% ownership of the property.

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Interest only mortgages – This is one of the unique schemes which allow homeowners to release equity and repay monthly interest only. This means that the monthly repayment must be affordable on their retirement incomes. Such equity release schemes such as the Halifax Retirement Home Plan are few & far between as there are not many mortgage or equity release companies that offer finance to the over 65 age group.

Nevertheless, Equity Release Supermarket have unique access to such schemes & their team of friendly equity release advisers can identify which is the most suitable scheme dependent on your personal circumstances.

Interest only mortgages such as those offered by Halifax, will maintain the same balance from start to finish & therefore can guarantee how much of your estate will be required to settle with the lender at the end of the term. The balance will only be repaid after your death by selling the property. This will be carried out by the nominated executors who have been appointed in your Wills.

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If you have a question on whether a roll-up or interest only mortgagee is right for you contact the Equity Release team free on 0800 678 5159 or email mark@equityreleasesupermarket.co.uk.

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Equity release schemes – how do they benefit retired homeowners?

Friday, November 19th, 2010

Lower pension incomes and high living costs have resulted in retired people looking for different financial solutions to make ends meet.

Due to these issues, more and more retired homeowners are turning to equity release schemes for an additional source of income. Equity release allow homeowners to use some of the cash tied up in their homes and get a tax free lump sum. They are also permitted to continue living there rent free & in the case of lifetime mortgages with 100% ownership to.

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Additionally there are other advantages gained from equity release schemes.

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  • No need to move – One of the best things about equity release schemes is that homeowners do not have to worry about moving out of their homes when they sign up. In the case of roll-up lifetime mortgages the plan holder retains 100% ownership of the property & can remain there until the second person has died or moved into long term care. With regards to the second type of equity release – home reversion plans, the planholder retains the portion of the property they do not sell to the reversion company.
  • Inheritance protected equity release products – Another benefit of these schemes is that homeowners can now choose whether or not they want to guarantee a certain percentage of their home. This means that they can still be sure there is some equity left for their beneficiaries. This can therefore form part of a gift of their inheritance.
  • Supplementary income – More than 50% of retired homeowners have wealth that is tied up in their property. For this reason, many choose home equity release schemes to gain additional income. This retired people to meet daily expenses & assist with the day to day costs of living in today’s retired environment.
  • In all cases, homeowners can move home during the term of their equity release schemes. However, they have to notify the equity release company. The reason for notification to the lender is that the equity release planholder has two choices. Firstly, they have the option of porting the equity release scheme over to their new property. The new property would have to meet the lenders property criteria, however it can be transferred with no early repayment penalty. Secondly, the scheme can be repaid in full, thuis removing any future equity release liability. You would therefore need to bear in mind any potnetial early repayment charges.

As equity release schemes can be rather complex, it is best to have a professional explain and oversee the process. All Equity Release Supermarket advisers are authorised by the FSA & the equity release schemes they advise on are all SHIP members.

The Equity Release team will provide independent financial advice & research from the whole of the equity release market.

To gain from their experience, please call freephone 0800 678 5159 or email mark@equityreleasesupermarket.co.uk

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Equity release schemes – five important benefits

Tuesday, November 9th, 2010

The current economic situation has forced everyone to look for different ways to raise money.

Equity release schemes are one option available to enjoy the fruits of retirement in a way many would never have envisaged.

Some people are still unaware of equity release schemes and their numerous benefits; here we aim to address those issues.

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Maintain standard of living

Immediately upon retirement, there is an evident drop in income. Unfortunately expenses do not.

You may think that saved money during your working life will be adequate for you to live comfortably. Rising inflation & lack of confidence in pension plans might make this difficult.

There are other options to consider & one of these maybe to downsizing to a smaller home. Other options available prior to considering equity release would be using any savings, asking relatives for financial assistance, claim any benefits due or if you have a good disposable income there is still the option of an interest only mortgage. The Halifax Retirement Home Plan can assist here.

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If you look into equity release schemes, you will notice that you do not have to sell your property. Therefore, you can remain at the property for the rest of your life.

Applying for equity release, enables you to obtain some of the cash value of your property and with a roll-up lifetime mortgage you still remain the owner. This way, you can maintain your standard of living and can avoid the hassle of moving into another house.

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Fulfil your needs

Additional cash can help retired individuals to fulfil basic needs as well as allowing them to pursue leisure activities. You may want to clear some debts, go on a long holiday, buy a new house or simply develop new hobbies. Equity release schemes can help you with these things.

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The age factor

Age is an important factor when buying an equity release scheme. Your age is directly related to the amount of cash you can get. The older you are, the more you can get. Lifetime mortgage schemes start at age 55 with a maximum release of 20% & run beyond age 90 releasing over 50%.

Home reversion schemes start at age 65 & again go past age 90 with the maximum release being the sale of 100% of your property to the home reversion provider.

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No limitations on spending

A good thing about equity release schemes is that you can spend the money the way you want to and there are no restrictions. We would only advocate initially taking an amount which you are likely to require in the first 12 months. The reason for this is that drawdown equity release schemes allow you to take the equity release cash in stages rather than all at once. This ensures that you pay less interest in the long run as you only pay interest on the actual amount you have withdrawn.

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Tax-free cash

The cash you receive from the scheme is free of income tax. However, if any funds are placed on deposit then you could pay tax on any interest gained.

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To find out whether equity release is suitable for you why not have a free initial consultation with one of our qualified equity release advisers. Call now on freephone 0800 678 5159.

Alternatively, email admin@equityreleasesupermarket.co.uk.

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Website – http:///www.equityreleasesupermarket.co.uk

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The Halifax Retirement Home Plan – The Quest To Find Mortgages For Pensioners?

Tuesday, October 26th, 2010

Planning for your retirement in essence should start in your earlier years; however as we know life unfortunately doesn’t always go to plan!

Here we discuss the merits of the niche interest only mortgage product; the Halifax Retirement Home Plan which is becoming an increasingly popular way of providing mortgages for pensioners.

Since writing my original article on the Halifax Equity Release plan (click here to view), interest has certainly been escalating. The main reason being that people in retirement are unaware of their mortgage options once they finish work. But life must go on.

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What is the history of the scheme?

Established in 1984, the Halifax Retirement Home Plan was initially available through the Halifax branch network and was developed to provide low cost mortgage finance for the retired & elderly.

However, under the Financial Services Authority review of the lifetime mortgage market in 2006, Halifax withdrew the branch license to offer lifetime mortgage advice.

Therefore, the responsibility for providing advice on the Halifax Retirement Home Plan was left completely with lifetime mortgage qualified advisers including independent specialists Equity Release Supermarket.

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So what is the Halifax Retirement Home Plan?

In simple terms the scheme is an interest only mortgage for people who are retired & facilitates the release of equity tied up in the property. The release of funds can be for almost any purpose including:-

  • debt consolidation including paying off credit cards/loans or mortgages
  • holidays including cruises or just day trips
  • replacement car or caravan
  • home improvements
  • gifts to the children providing a deposit for house purchase
  • supporting your lifestyle through retirement.

Qualification for the Halifax equity release scheme is based on income. Halifax will only accept non-earned income & this must be in the form of: -

  • Occupational pensions
  • Private pensions such as personal pensions or retirement annuities
  • State pensions
  • State benefits including pension credits & disability benefits

The stated minimum age for the Halifax Retirement Home Plan is 65. However, as long as there is no earned income & justification for the size of the mortgage can be based solely on the above income, then ages lower than 65 can be achieved.

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How much can be released?

The minimum release on the Halifax Retirement Home Plan is only £15,000. However, to establish the maximum release possible would require the use of an affordability calculator.

Halifax does not base the size of release on a multiple of income, but whether the interest only mortgage can be afforded through retirement.

The data Halifax requires for this calculation includes income, credit status, number of applicants & credit commitments outstanding after the new mortgage commences.

This procedure can be carried out by qualified advisers such as Equity Release Supermarket & is an accurate assessment of the potential borrowings on this scheme.

The overall maximum release available can never be more than 75% of the valuation of the property. Therefore, should the affordability calculator show a figure greater than this, it will still be capped at 75% of the property value.

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Does Halifax require a repayment vehicle?

The answer to this is NO.

As the Halifax Retirement Home Plan is an interest only mortgage for pensioners, no form of repayment is required.

In contrast, the mainstream mortgage market is actually tightening its grip on new interest only mortgages, whereas this Halifax equity release scheme will still accept repayment by virtue of the eventual sale of the property. This would be on death of the surviving partner, moving into long term care or earlier property sale.

The term allocated to the Halifax home retirement plan is 40 years which should provide ample time for it to run for the rest of one’s life! This removes any concern about having to find the funds to pay off the Halifax scheme during your lifetime.

Most mortgage providers will only accept a mortgage term upto age 70-75 or in rare instances age 85. However, this only buys time as eventual repayment would be required. However, this scenario may still be suitable should one be downsizing at a predetermined date in the future.

The Halifax Retirement Home Plan therefore removes any element of capital repayment risk.

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So what interest rates & products are available?

Dependent upon whether you are a new or existing Halifax customer will determine the interest rates & products applicable.

Currently, the better deals are offered to new customers as they have access to the whole mainstream Halifax product range. This is a great advantage, as there is full access to current low rate tracker & fixed rate products. Click here for the latest interest only mortgage rates…

These include deals such as the current 2 year tracker rate at just 2.59%. Based on borrowing £50,000 this currently would only cost £107.92pm (3.6% APR).

Additionally, if remortgaging from another lender then there is the benefit of a free valuation & free standard legal fees, which reduces the set up costs significantly. I have experienced clients who have just £800 outstanding on a mortgage or even documents kept in deed store that qualified for this free remortgage package!

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What if I already have a Halifax mortgage?

The good news is you can still apply for the Halifax Retirement Home Plan. However, the situation here requires completely different advice & procedure. Should you wish to merely transfer onto the Retirement Home Plan then you can port over your existing rate which can be good news if on a standard variable rate. However, if you wish for additional borrowing then the process becomes a little more complicated.

The product range for existing Halifax customers is rather sparse & with the best deals starting currently at 4.99% fixed, hence there is a distinct advantage for new customers.

Such applications will be paper based & therefore processed manually which involves more human input. Experience has shown this results in a different underwriting approach to the process undertaken on new applications.

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Can I pay off the Halifax Retirement mortgage early?

The simple answer to this is YES.

Unlike equity release plans where penalties can potentially apply for the rest of your life, the Halifax interest only mortgage will only have early repayment charges for the initial product term. Therefore, should you have opted for the 2.59% 2 year tracker product discussed previously, the penalties would only apply for the first 2 years. After, this 2 year period the mortgage would then revert to the Halifax standard variable rate, currently 3.5%.

However, before the initial rate expires you will have the option to take out a new product from the Halifax mortgage range available at that time.

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So what is the advantage of the Halifax Retirement Home Plan over an equity release scheme?

The obvious answer to this is the fact that the Halifax mortgage is interest only & therefore requires a monthly payment of interest. The balance will always remain the same throughout the term of the plan. E.g. borrowing £50,000 today, will result in £50,000 requiring repayment once the house is sold.

In contrast, equity release schemes do not require any monthly repayment & therefore the balance will increase over time. Roughly speaking the balance of equity release schemes will double every 10/11 years.

From a beneficiary’s point of view, the Halifax interest only mortgage will guarantee an inheritance, as the final balance of the mortgage will always be known. This would be favourable for people who want to ensure the children definitely receive an entitlement to their parent’s inheritance.

With all this information & options available it is more important than ever to receive specialist advice to obtain the best deal for your personal circumstances.

Equity Release Supermarket can provide independent advice on both equity release schemes & interest only mortgages for pensioners.

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For further information or to request a quotation, please ring Mark on 0800 783 9652 or email mark@equityreleasesupermarket.co.uk.

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Innovative new equity release plan from more2life

Thursday, October 14th, 2010

Signs that the equity release market is beginning to spark into life again, can be evidenced by the re-emergence of a former lender in the market.

more2life have joined forces with annuity specialist Partnership assurance to re-launch their impaired life roll-up lifetime mortgage plan.

Incorporating an impaired life facility & protected equity guarantee, the more2life equity release plan can be seen to be opening a niche market for itself. The impaired life facility means that depending on health & lifestyle, a higher than normal tax free lump sum can be achieved, should serious health issues be present.

The more2life equity release plan has been designed with three scenario’s in mind: -

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  1. Enhanced plus – industry leading maximum release, impaired life product
  2. Enhanced protected – impaired life plan with ‘protected equity guarantee’
  3. Protected plan – older applicants looking for a ‘protected equity guarantee’

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Pitching the enhanced plus plan at the maximum release end of the market means that should the applicant qualify on medical grounds, they would have the highest equity release lump sum currently available. This would even surpass the current Aviva Lump Sum Max product, although this would be at the expense of a higher interest rate with more2life.

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The following percentages are the maximum releases available on the Enhanced Plus: -

Age 55          23%

Age 60          28%

Age 65          33%

Age 70          38%

Age 80          48%

Age 90+        54%

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For example, an applicant aged 65 with a property valuation of £250,000 & meeting the underwriting criteria, can release a maximum of £82,500 on the enhanced plus plan.

The interest rate for this product will be 7.49% monthly.

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The second product – ‘enhanced protected plan‘ is also based on health & lifestyle grounds & again can provide an enhanced lump sum. However, to qualify for this equity release scheme the health situation will not be a serious as the enhanced plus. The interest rate for this plan is lower at 6.99% monthly.

Another feature of this plan is the ‘protected equity guarantee’ which is included & guarantees a percentage of the property for the children/beneficiaries on the eventual sale of the property.

The guarantee works as follows: -

Should the overall facility available be £80,000, yet only £40,000 is taken, then 50% of the final sale value will be protected on sale.

This can be an essential tool for applicants who wish to ensure that a guaranteed inheritance is passed onto their children.

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The final option is the ‘protected plan’ which has no impaired life facility , but does include the protected equity guarantee. The interest rate is the same as the enhanced protected at 6.99% monthly.

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In summary, depending on whether the maximum lump sum is being sourced, or one is looking to take equity release but still guaranteeing an inheritance for their children, then one of the three more2life equity release schemes can benefit.

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If any of these more2life plans would be of interest to you, please ring the Equity Release Supermarket team on 0800 783 9652 or email mark@equityreleasesupermarket.co.uk

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To request a quote on the more2life enhanced plans please click here.

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Two different types of lifetime mortgages

Wednesday, October 13th, 2010

If you want to improve your lifestyle or repay outstanding debts and do not have enough cash then consider the potential of an equity release scheme. Homeowners who are over 55 and have little or no mortgage can release money against the value of their home. Due to different needs, different equity release schemes have been introduced.

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Lifetime mortgages and home reversion plans are two popular types of equity release schemes.

Lifetime mortgages are further divided into two subtypes:

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Roll-up lifetime mortgages – This equity release scheme is preferred by many people because they do not have to pay any interest. Instead the interest is added to the original balance & compounded year-on-year for the rest of one’s life.

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Interest-only lifetime mortgages – If you do not want your debt to build up then an interest-only lifetime mortgage can be the perfect option for you. Unlike other equity release schemes, this scheme allows you to pay off the monthly interest to the lender. By opting for the interest-only option, you can preserve more money for the future.The balance of the interest only mortgage scheme will therefore remain level for the rest of the term of the mortgage. Such schemes available include the exclusive deal Equity Release Supermarket have available with the Halifax.

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The Halifax Retirement Home Plan is available to those having already retired with a good disposable income with which they can service the monthly payments. The Halifax Retirement Home Plan is not available via the Halifax branch network as only lifetime mortgage advisers with the appropriate licence can advise on this product.

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Whether you choose a roll-up or an interest-only mortgage you can release the equity tied up in your property to provide the tax free lump sum you require.

You can use the tax-free money to spend as you wish including buying a new car, a second home or to go on a luxury cruise; the list is endless.

If you have decided to opt for equity release schemes then it is recommended that you receive advice from an equity release adviser who will guide you to the best equity release plan & guide you through the equity release process.

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To find a local Equity Release Supermarket financial adviser near to you click here.

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Lifetime equity release schemes – Here is some information you ought to know

Wednesday, October 6th, 2010

If your pension falls short of your budgetary requirements, then an equity release scheme could certainly be a good solution. Equity release is specially designed for homeowners who are above 55 years of age and want to unlock money against the value of their homes. And, one of the best things about the money which you will get under equity release is that it is tax-free.

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What is a lifetime mortgage equity release scheme?

Most homeowners opt for this scheme & it accounts for almost 90% of all equity release schemes undertaken. These equity release schemes allow them to borrow money against the value of their homes, retaining 100% ownership. The best thing about a lifetime mortgage scheme is that it does not demand monthly payments.

As there are no monthly payments, the interest is directly added to the original amount borrowed & it can either be added monthly or annually. Under lifetime equity release, the repayment is made after your death or on moving into long term care, by selling the property.

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Additional features offered by lifetime mortgages

As you will receive the money on the basis of fixed interest, you are therefore completely protected from interest rate volatility. This means that, providing you don’t borrow additional funds, then you will know in advance the future balance of the equity release plan. Some newer equity release schemes will let you build an inheritance protection feature which will leave some value of your home or property for your beneficiaries.

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Lifetime mortgages – Three different types

This equity release scheme is further categorised into three different types. The first one is a roll-up scheme which allows you to avoid any repayment, with the interest compounding over the years. Under a fixed repayment scheme, you only have to pay a pre-determined amount of money to the lender, thus protecting the inheritance to your beneficiaries. Lastly, interest-only lifetime mortgages allows you to pay the interest every month.Therefore, the balance will remain the same throughout the term of the mortgage. Such schemes as the Halifax Retirement Home Plan will meet this criteria.

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Equity Release Supermarket are independent equity release specialists who can advise you on which scheme is best for your individual circumstances. Call the team now on 0800 783 9652.

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Equity release schemes – which is the best scheme for you?

Tuesday, October 5th, 2010

Equity release schemes enable you to convert the equity from your property into a usable cash amount. These schemes are proving helpful for many older homeowners. Some of these equity release schemes function by offering you a regular extra amount of income or a lump sum amount, or sometimes both.

While equity release schemes may look attractive, they can be complicated and difficult to understand. Thus, before opting for an equity release scheme, it is better to get legal and financial advice from industry professionals.

Two types of equity release schemes exist – home reversion and lifetime mortgages.

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Home reversion schemes

A home reversion equity release scheme allows you to sell a part (or a percentage) of your property to generate the required funds. The amount of equity you get from the equity release scheme will be lower than the market value of your property. This is due to the fact you are able to live rent free for the rest of your life in your property. After you pass away, the reversion company will sell your property and get their share of the money from the sales proceedings.

Home reversion schemes are only available from the age of 65.

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Lifetime mortgages

Lifetime mortgages let you borrow the money without any need for monthly repayment. Similar to a home reversion scheme, lifetime mortgage equity release schemes allow you to stay in your property. The amount of equity remaining will completely depend on the final value of your property and your age. The money that you borrow can either be paid to you in instalments, a lump sum amount or both.

With this equity release scheme, the lender does not own your property. The amount that you borrow must be paid off when you sell or move out of your property, or when you die.

Lifetime mortgage schemes commence at the earlier age of 55 with a maximum release available of 19% of the property value.

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For advice on which scheme would be best for you, please contact the Equity Release Supermarket team on 0800 783 9652.

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Equity release – how older people can benefit from these programmes

Thursday, September 30th, 2010

With the economy in its current state, people are trying to come up with new ways to generate capital for everyday expenses. Although it is possible for working individuals to do this, it can be difficult for the retired population. Fortunately, there are still a few ways retired people can gain capital and it is mainly through the equity in their homes that they can benefit.

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Equity release programmes can provide retired homeowners with revenue from the value of their homes. These programmes are ideal for homeowners who are not interested in selling their homes and who want to stay there indefinitely. After weighing up the pros’s & con’s of moving & having decided that residing at the family home is to remain permanent, then equity release can be considered.

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There are many other benefits offered by equity release.

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Equity release offers a lump sum that is free of income tax. It can also be utilised in reducing the amount of tax homeowners have to pay for their property. Providing any gift made to children or other beneficiary was made seven years prior to their death then this amount can become exempt from inheritance tax.

Equity release plan holders have the assurance that the interest rate taken at the outset, will remain exactly the same throughout the duration of the plan. Therefore assuming no further advances are taken, the future balance will be known for definate & one can budget for accordingly. If Bank of England interest rates do rise, the equity release interest rate remains unaffected.

All equity release schemes that are members of SHIP will also be protected by a no negative equity guarantee. This ensures that should the equity release scheme become more than the value of the home, then the equity release company can only receive the full market value of the house; any excess over & above will be written off under the no negative equity guarantee.

In addition to this, on the roll-up lifetime mortgage, the plan holders will always retain 100% ownership of the property. Therefore, any escalation in house price will be kept by the equity release plan holder, not the lender.

The capital gained through equity release, which is also known as an annuity, can be used as steady income. However, taking up an equity release programme will result in a lower inheritance for the family after the homeowner’s death. Due to this, it is important to consider this process carefully.

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To see how equity release could benefit you, plaese contact Mark Gregory on 0800 873 9652 or visit Equity Release Supermarket website.

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Equity release – attractive benefits to be gained

Tuesday, September 28th, 2010

Equity release schemes are beneficial to those who own a property but are deprived of a regular source of income or capital requirements. You can get attractive cash benefits without losing the ownership of your home.

There are different types of equity release schemes available on the market. All are designed to suit different needs. You should receive advice from an independent adviser such as Equity Release Supermarket. They can source the market to find the best deal for your situation & at the same obtain exclusive deals obtained from the array of equity release providers.

With average house prices in the UK being around £167,423, there is large amount of equity that can be utilised to supplement one’s retirement. This average also differs according to the location of the property.

The average cost of London property is currently £413,350 & is over three times more expensive than the average cost of a North Lincolnshire property, which is current the countries lowest at £124,921.

These figures are useful in establishing how much equity could potentially be released around the country. With an equity release scheme, you can use this equity to help improve or maintain your standard of living. There are various other benefits of equity release schemes.

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High end purchases

Equity release schemes are not just beneficial to those with reduced retirement income. People who have access to a reasonable pension yet want to make a high end purchase can also benefit from equity release schemes. They may not have access to credit and other options but equity release schemes can fulfil their dreams.

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No need to sell property

A major advantage of going for equity release schemes is that the owner is not required to sell their home to get the funds. Most people do not want to compromise their standard of living. The cost of moving into a new home is also high. Consideration should be given to this option as downsizing could be an alternative to equity release. However the costs involved & the stress of moving in retirement can be a severe experience for this age group.

The costs involved would be estate agents fees, Stamp duty, removal costs, solicitors fees etc. There could also be costs once you have moved into the property, such as home improvements including decorating & getting the home to a desirable condition.

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Hopefully this has given some food for thought as to soem of the issues surrounding equity release. If you wish to discuss these in more detail please contact Mark at Equity Release Supermarket on 0800 783 9652 or email mark@equityreleasesupermarket.co.uk

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