Equity Release
To help the over-60s and their families understand how equity release works, Norwich Union has produced a free step-by-step guide called 'Unlock your future - equity release made easy'.
The guide, written by a personal finance journalist, is designed to provide impartial, straightforward information about the various steps involved in choosing and taking out an equity release policy.
It includes details about how to gather information about the various plans available, the valuation process, the legal paperwork and keeping in-touch with the equity release provider. It also includes a checklist and jargon buster of difficult terms or phrases.
Daren Carter, head of equity release marketing for Norwich Union, said: "It's estimated that the over-60s in the UK have around £550 billion of equity tied up in their homes. Yet our research shows that making financial decisions, especially where your home is concerned, can seem daunting. That's where we hope this guide will help.
"Our aim is to help take some of the mystery out of the equity release process by giving the over-60s and their families the confidence to make the right choices to help them put cash in their pockets so they can get the most out of retirement."
Peter Everett, spokesperson for leading national estate agents Your Move, said: "In the past, we've sold many properties for over 60's where we've felt that they clearly didn't want to leave but thought that they had no practical alternative.
Equity release schemes offer a wonderful opportunity for people who want to release some capital from their homes without having to go through the potential hassle and heartache of moving."
To obtain a free copy of Norwich Union's 'Unlock your future - equity release made easy' guide call Freefone 0800 122 876 or visit the website www.discoverequityrelease.co.uk
Lifetime Mortgage
Some lenders offer a lifemortgage which offers a way to unlock some of the capital in your property. Nothing has to be paid back until you die or go into long term care. Typically the scheme:
- releases cash lump sums
- no monthly payments
- you continue to live in and own your own home
Prudential operate such a scheme and details can be found at: www.pru.co.uk/info
The trade body SHIP( Safe Homes Income Plan) has a list of equity release providers at