Thanks to advances in modern medicine, nowadays people are living for longer than ever before. And while a potentially longer retirement is a desirable thing for many, it also means that the retirement income you worked so hard to save for now has to stretch a lot further. Many people approaching retirement also find themselves “asset rich, cash poor”, with wealth tied up in assets such as properties. Equity release is an efficient way of unlocking some of the cash held up in your home, providing you with more capital to make the most of your retirement. Want to find out more? Just give us a call today.
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How could equity release benefit you?
If you are a UK homeowner aged 55 or over, equity release could offer you a way to access the money tied up in your home by allowing you to release a tax-free lump sum, and the ability to generate regular income for your retirement. At Maxim Wealth Management Ltd our expert advisers have many years of experience offering equity release advice to clients in Glasgow, Lanarkshire and beyond. We can offer productive advice bespoke to your unique situation, and help you release the appropriate amount of capital or income to meet your financial goals.
Equity release can involve either a lifetime mortgage or a home reversion plan:
- Lifetime mortgage. This involves taking out a mortgage secured on your property while retaining ownership. Under a Lifetime Mortgage you remain in full ownership of your hoe and can let the interest roll up or choose to make repayments. The loan plus any accumulated interest is then paid back by your estate when you pass away or move into long-term care,
- Home Reversion Plan. This involves selling part or all of your home in return for a lump sum or regular payments. You retain the right to live in your property until you pass away, rent free. Under this plan you are aware of the percentage of your property that you retain, and you have the option to ring-fence a proportion to pass on to your children. Once the plan ends, the property is sold and proceeds are shared among the people involved in the remaining proportions of ownership.
Enhancing your retirement with equity release is an important decision, and it’s important to have as much information as possible. Our specialists are able to look at your overall finances and help you decide if this is the right option for you.