AML Associates

Equity release is a useful financial planning tool which affords some people a way of getting cash from the value of their home. The money which is released can be used for a range of purposes, some of which are detailed below:
There are many reasons why people release equity from their home; here are some of the more common reasons:
• To pay for home improvements or adapting your home to accommodate your needs
• To supplement retirement income and make life more comfortable
• To clear debts or a mortgage
• To buy a holiday home
• To help out children or grandchildren
• To have a holiday of a lifetime or buy a new car
Equity Release is available to the over 55-age group and is a way of releasing cash from the value of your home without the need to sell.
Contact us to discuss your specific circumstances to ensure you have looked at all the essential information before making a very important decision. There are two main types of Equity Release, Lifetime Mortgage and Home Reversion
Lifetime Mortgages
A type of mortgage that allows you to borrow money against the value of your home like a traditional mortgage, but you do not make any monthly repayments. The amount you owe “rolls up” with interest and is repayable when you die or go into long-term care. Some Lifetime Mortgage companies do allow you to make interest payments or partial repayments if you wish to.
Home Reversion
A Home Reversion Plan will provide you with a tax free cash lump sum (or regular payments) and a lifetime lease, guaranteeing you the right to stay in your property rent-free for the rest of your life.
Equity release is not suitable for everyone, which is why it is important to take independent financial advice before taking this step. There may alternative means of raising the capital or income you require such as downsizing, local authority grants, using existing investments, claiming benefits. In some circumstances, Equity Release may affect your current or future entitlement to State benefits.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

Your home will be repossessed if you do not keep up repayments on your mortgage.