It's good to see equity release in the news and getting reviews for all the right reasons, and here at Viva as members of the Equity Release Council, we are proud to see our services promoted by experts such as Martin Lewis and the Finance Team at Morning Live.
Martin Lewis's Views on Equity Release
Martin Lewis of Money Saving Expert has previously given his views of Equity Release on shows such as This Morning.
As the industry grows and matures he is starting to give it a more positive review. As a good way to release money from your home and stay in it. He covers downsizing, which is always an option and looks at the benefits of equity release, especially when dealing with relatives 70 and over.
In fact releasing equity by way of a Lifetime Mortgage is often very different to what people think or expect and usually they are surprised at the flexibility on offer.
So downsizing simply means that someone with a plan can take it to a new home if they wish to move later in life.
Crucially clients can also choose to guarantee what is left to their children, or can even make repayments so that the debt never increases. The brilliance here is that the fall back is that you can stop making payments if and when you need to.
For couples, there is also something called Spousal Protection, where the survivor can pay off the loan without penalty, usually within 3 years of demise, and this is all without penalty.
These plans are now often also a consideration for shorter term borrowing, as there is now one plan at least that has no early repayment charges whatsoever!
Morning Live on Equity Release
Here at Viva, we were delighted to see that Equity Release was the topic of discussion Morning Live with Gaby Roslin recently.
It was refreshing to see that the two different types of Equity Release were pointed out, as for 99% of people, a Lifetime Mortgage is best.
Yes we do help people, with “needs”, but we also help many, many people with “wants” and these might be for home improvements, holidays or even helping the kids financially now.
We are also advocates of clients either making repayments as they go, or using the drawdown facilities which are available, but were never mentioned. Both of these options mean that what is owed later is kept to a minimum.
Viva were also pleased that Morning Live recommended the use of advisers from the Equity Release Council Directory to give clients a higher level of confidence. This is why we work very closely with the Equity Release Council on current and on-going projects to make sure that the industry is always striving for higher standards.
We will always look to see if we can recommend alternatives in the first instance, which may be moving home, using assets, or even taking our a conventional mortgage. After this we will also check to see if you are eligible for any State Benefits not currently being taken and will make sure that if you are on benefits, your will not lose them as a result of taking out any of these plans.
If you are thinking of Equity Release, then please do make contact. We will give you multi-award winning advice and service to make sure that if a plan is suitable, then it is the best one for your goals and objectives for both now and into the future.
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