Lifetime Mortgages
Can you answer these 5 questions?1. People are living longer than ever. Will you run out of money during your retirement?
2. Can you maintain the lifestyle you want on state benefits alone?
3. What would happen if your partner died or became ill?
4. How will inflation affect your savings?
5. Is your estate liable to Inheritance Tax?
If you don’t have satisfactory answers for these questions then it’s probably time you had some advice on planning a comfortable retirement.
Equity release is only part of the answer
You probably know that equity release lets you convert some of your home’s value into cash without the need to sell up and move house. This can provide you with a lump sum or a regular income. But did you know this is just part of a full retirement solution?
What about government grants, your state benefits, downsizing, Inheritance Tax advice, investment planning, drafting a will – all these and more can play a part in a proper retirement plan.
You can have as many consultations as you need to get the perfect plan for you. Don’t gamble with your retirement – get in touch today and start planning your future.
Have you considered downsizing instead?
Downsizing could be a better option if you have a large family home or if you are moving to an area where property is cheaper. We provide a full investment review with one of our financial planners to ensure the best method of producing the income required from the capital released in the most tax efficient way. You will probably also need an Inheritance Tax review to ensure the capital and property are structured in a way to minimize your inheritance tax liability.
If you could get a government grant to renovate your home would you still need equity release?
As part of our service we consider your eligibility for the different government grants that may be available. We explain in detail the different grants available and contact the relevant local authority to ascertain your eligibility. We can even assist in the application process itself such as completing forms, collating relevant documentation, liaising with the council, and chasing a response.
Did you know that your spouse does not automatically inherit everything?
If you are married but do not have a valid will, the surviving spouse would only be entitled to the personal possessions and £125,000 from their spouse’s estate. Of the remainder, half would be held in trust for the survivor’s use during their lifetime (this would then eventually pass to the children on their subsequent death). The other half would be held on trust for the children until they reach the age of 18 (or 16 if they marry at that age), when it would be released to them in its entirety.
The only way to guarantee that your assets will be passed on in accordance with your wishes is to put a will in place. It can also be important to consider Inheritance Tax Planning at this point to avoid gifting the taxman more than you have to.
Could you get help from your family?
Are your children or other family prepared to help you financially? We can offer advice on the best way for them to raise the money. This could be a further advance on their mortgage, a secured loan, remortgage, or cashing in investments.
How long can you maintain your lifestyle?
We evaluate your current situation and design an action plan to create the retirement you want. Using powerful modelling software we can identify potential issues such as an inability to maintain lifestyle and take action to prevent the situation from ever occurring.
Do you actually know your retirement income?
We look in detail at your potential income sources during retirement and put them in a mathematical model to show visually what you can expect and whether or not you might need to make use of assets such as your home.
Are you getting the state benefits you are entitled to?
We conduct a full financial review of your assets, income and expenditure to confirm eligibility for additional state benefits. We can also assist with the application process.
Inheritance Tax Planning and Will writing services are not regulated the Financial Services Authority.
This web page refers to home reversion plans and lifetime mortgages. To understand the features and risks, ask for a personalised illustration.