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How can Later Life Matters Limited help me?
We believe that it is essential to take independent advice from a qualified professional when considering Equity Release. It is important that you feel secure and confident in knowing it was the right decision for you.
It is important to consider all other options when looking to raise funds from your property, such as downsizing, perhaps moving in with others or considering alternative housing options that may be available to you. If money is needed in order to repay debt, budgeting or debt counselling/solution services may be more appropriate. Some people consider taking in a Lodger, although many do not like this idea as it could affect your privacy.
Checking that you are receiving your full entitlement of State Benefits is also wise, as you may be able to increase your income over that which you are currently receiving. We will be more than happy to assist you with this and can help you apply for any benefits we feel you may be eligible for.
Grants or financial assistance for home improvements may be available in your area and may avoid the need to raise capital through Equity Release if the extra money is needed for house repairs.
Later Life Matters Limited also feel that it is important to involve your family in these decisions, as it can have an impact on inheritance and the ongoing value of your estate. Involving your family in the early stages may avoid difficult surprises later on.
Although Equity Release can have the affect of reducing potential inheritance tax (dependent upon your personal circumstances) it is important to note that this should not be the sole reason for embarking on an Equity Release Scheme. We are able to offer independent and specialist, estate planning advice that will specifically review your inheritance tax situation, supported by our colleagues Eversley Legal Services Limited.
The Financial Services Authority now regulate Lifetime Mortgages and most Home Reversion Plans to ensure that consumers are protected and to raise the qualifications and expertise of those advising in this specialist area. Our Later Life Consultants are authorised and regulated by the Financial Services Authority through our Appointed Representative status with Eversley Estate Planners Limited.
In addition, Safe Home Income Plans (SHIP) was launched in 1991 and provides a voluntary Code of Practice for both Lenders and Advisers to adhere to, and to achieve and maintain a certain standard. This clearly sets out the risks involved in Equity Release and ensures consumers are given the right advice, appropriate for their personal circumstances.
SHIP also brought about the advent of the “No Negative Equity Guarantee”. This is available through most Lifetime Mortgages, and is essential for those meeting the SHIP Code of Practice.
Negative Equity is where the total of your loan rises to more than the value of your property and you owe more than your property is worth.
The “No Negative Equity Guarantee” is a promise that you or your beneficiaries will never have to repay more than the value of your property if you need to repay the loan on death or you move into Long Term Care.
SHIP have recently changed and are now known as The Equity Release Council. They continue to adhere to, and expand on, the principles of SHIP including their Code of Conduct and No Negative Equity Guarantee.
Further information can be found at their new website – www.equityreleasecouncil.com
Our Later Life Consultants will be able to research and recommend schemes that are suitable for you and full take into account your needs and circumstances. Following our initial meeting, and if a Scheme is appropriate for you, we will provide a full written report containing all of the relevant information so that you can have the time to digest your options. This will include such topics as:
- checking what affect a scheme may have on your tax position or benefit entitlement
- Advantages and disadvantages of the scheme being recommended
- The Annual Percentage Rate (APR) for Lifetime Mortgages
- Full disclosure of our fees or any commission that we may receive for arranging the scheme
- Key Facts Illustration from the recommended Lender
We will also provide you with a copy of our Key Facts about Equity Release and Client Agreement at our first meeting or following your first telephone enquiry. These explain the service being offered, whether you will have to pay for it and the product range we offer.
If a plan is not suitable for you, we will tell you.
If you would like to discuss Equity Release in more detail or arrange for one of our Later Life Consultants to visit you to discuss your options further, please do not hesitate to call us on 01992 500800 or complete the on-line enquiry form.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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