Thinking of Equity Release?

Pension Savings traditionally played a major role in people’s financial future. Equity Release is increasingly becoming mainstream and can be a core part of an evolving retirement solution. The shortfall has to be made up somewhere.

You may have built up considerable equity in your home. Many homeowners have paid off their mortgage and for most, their home is their biggest asset. As we approach retirement, we tend to consider how we will manage our finances once we finish working. Equity release is one way to boost income by releasing some of the value in your home.

If you are over 55 releasing the equity built up in your property is a popular and increasingly important part of retirement planning. Many homeowners choose to live a more comfortable retirement and taking the money from your home opens up new and exciting possibilities, whilst still allowing you to live in the home you love.

You can use the money for any purpose, whether its improving or adapting your home, helping family or just making your retirement a little more comfortable.  Last year, the top 5 reasons people chose to take out Equity Release were

1. You don’t want to downsize

Lots of people find themselves asset rich but cash poor when they retire, but many don’t want the hassle of having to move home to free up their property wealth.

Stay in your home

Equity release plans enable you to stay put in your property while accessing some of the cash tied up in it. The amount released plus the interest you owe is only repaid when you die or go into long-term care.

2. You need to repay an interest only mortgage

If you took out an interest only mortgage years ago and it’s due to end soon, equity release could provide you with a lifeline if you don’t have the funds available to repay the capital.

3. You want to make home improvements

If you’re looking to make home improvements or renovations, equity release is one way to fund them.

4. You need to supplement your retirement income

Low interest rates and steep living costs mean it can be a real struggle for retirees to make ends meet. Equity release can provide a significant boost to your income in retirement if your pension doesn’t provide you with enough to live comfortably.

5. You want to provide financial support to your family

Equity release can enable you to provide a ‘living inheritance’ for your family, which could help them buy a house, or contribute towards other costs such as school fees and general living expenses.

Equity Release lets you raise money from your property as a lump sum, regular income or both. It also gives you and your partner the right to remain living there until you both pass on or decide to move out.

Liane Farthing who heads up the E–Release team at Hopkins Law, has been involved with Equity Release for nearly 20 years and are recognised for our experience in this specialist area of law. We are proud to have been the first member of the Equity Release Council in Wales advising borrowers. Membership gives you the further reassurance that we are dedicated to upholding the highest standards of advice. 

What to expect from us

  • An immediate response to instructions; 
  • Easy to understand guidance to help you understand your legal obligations and make an informed decision; 
  • Friendly, professional and approachable client focused service with a Director led team;  
  • Swift turnaround times so you receive your money quickly and without fuss;
  • Appointments at our Cardiff, Chepstow or Cowbridge Offices or if you prefer; we can arrange for a Solicitor to visit you at home;
  • A fixed price, with no hidden surprises.

We are offering a free Clinic at our Cowbridge office each Wednesday morning during February and March where our Equity Release team are available to explain the process and answer any questions you may have. For appointments please contact Gill O’Halloran on 01446 774151 for a no obligation 30 minute consultation. Alternatively please contact Liane Farthing or e-mail lfarthing@hopkinslawltd.com.