At Broadland Consultants we offer Equity Release advice, which refers to a range of products (sometimes known as an Lifetime Mortgage) that let you access the equity (cash) tied up in your home if you are over the age of 55.
You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.
- Expert, Independent Equity Release advice serving the Norwich and Norfolk area
- Free, no obligation initial consultation
- On request, Home visits to available to discuss Equity Release advice in the Norwich and Norfolk area
- We are happy to work in conjunction with your Solicitor, Accountant or Family Members when advising on your Equity Release advice requirements
What is Equity Release
Equity release is the method of releasing some of the money tied up in your home without the need to move. Because your home is probably your biggest financial asset it can be a very effective way to release cash for other purposes, but this is a decision which needs sound advice.
Why Equity Release?
There are a number of reasons why people consider equity release. Here are just some of them:
- Home Improvements
- Car Purchase
- Long Term Care – release capital to pay for care at home
- Gifting Inheritance – see your children/grandchildren enjoy their inheritance in your lifetime, e.g. help with university fees, house purchase, debt repayment etc.
- Interest-Only Mortgages – raise funds to repay an existing interest-only mortgage at the end of its term
- Purchase – provides funds to help you to move to a property that is more expensive than your current residence
- Divorce – raise capital to buy out a divorcing spouse
- Repay Debt – pay off your unsecured loans and credit cards
- Supplement Income – increase your retirement income
There are generally three equity release options: a Lifetime Mortgage, Drawdown Lifetime Mortgages and Home Reversion Plans. There are numerous product providers in the UK who offer these solutions. Our Equity Release advisers will research the market for you and assist you in setting up the best option for your specific circumstances. Our Equity Release Advisors can provide guidance to clients in the Norwch and Norfolk area or outside of the county of Norfolk if requested.
This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration. Equity release, home reversion plans and lifetime mortgage are complex products and you should request personalised information. Equity release could affect your income tax position and your entitlement to state benefits; it could also restrict future options for moving house or paying for long term care. If using an equity release plan to consolidate debt, you are taking a previously unsecured debt and securing it against your home. Equity release could reduce the value of your estate that your beneficiaries expect to inherit. You should talk to them before committing to a plan. Using equity release to raise investment capital is inadvisable under most circumstances and you should talk to an investment adviser if this is your intention. We can arrange this for you.