Lifetime mortgage
A loan secured against your home, which you continue to own. Many plans need no monthly payments, and the loan and interest are repaid when you die or move into long-term care.
Read more about lifetime mortgages
Lincoln & Lincolnshire
Is equity release right for you? Get clear answers in Lincoln and Lincolnshire
Equity release lets homeowners aged 55 and over turn part of their property's value into money and stay in the home they know. Before you decide anything, I'll go through how it works, what it would cost you and what else you could do instead.
- Equity Release and Retirement (RIO) Mortgage Advice only
- Your first conversation is free, with no obligation
- Everything explained in plain English, without pressure
- Advice based on your circumstances and your family
Advice provided through Avalon FS Ltd, authorised and regulated by the Financial Conduct Authority.
Understanding your options
Equity release in a nutshell
Your equity is the part of your home that belongs to you once any mortgage is taken off its value. Equity release lets you take some of it as money while you carry on living there. The most common way is a lifetime mortgage or a retirement mortgage (RIO), which are the only types of equity release I advise on.
Retirement mortgage (RIO)
With a retirement interest-only mortgage you pay the interest every month, and the loan is repaid when you die or move into long-term care. Your income has to cover the payments, so it isn't right for everyone.
Read more about RIO mortgagesAll at once, or in stages
You can have the whole amount straight away, or take part now and leave the rest for when you need it, paying interest only on what you've used. Some plans also let you pay some of the interest to slow the loan growing.
See how the options workOther ways to get there
Downsizing, other borrowing or help you may be entitled to could suit you better than equity release. I'll always talk these through with you first.
See the alternatives
Worth knowing
Before you decide
Equity release is a significant decision. Before going ahead, it's important to understand that:
- Interest is usually added to the loan and builds up over time, so the amount owed can grow quickly.
- It will reduce the value of your estate, so there may be less to leave to your family.
- It may affect your entitlement to means-tested benefits.
- It can be costly to repay early, and plans are designed to be long term.
Equity Release Council members offer a no negative equity guarantee, so you'll never owe more than the value of your home.
Why people do it
What the money is often used for
- Paying off an existing mortgage or other debts
- Making home improvements or adaptations
- Adding to retirement income
- Giving children or grandchildren a helping hand
- Travel, or something you've always wanted to do
Working together
Four stages, and you set the pace
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We talk
A free conversation, with no obligation, about your home, your plans and what you want to achieve.
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I explain your options
I go through the plans that might suit you, with their costs and risks, and the alternatives.
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You receive a recommendation
If equity release makes sense for you, I'll give you a clear recommendation in writing, with a personalised illustration.
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You decide when you're ready
Take time to think it over and talk to your family. Nothing goes ahead until you're ready.
Areas covered
Where I work with homeowners
I work with homeowners in Lincoln, Scunthorpe, Grimsby, Louth, Skegness, Sleaford, Boston, Grantham, Spalding and Gainsborough, and in the villages around them. I work with clients remotely, so you don't need to travel to see me.
Equity release in LincolnshireWhy talk to an adviser before you decide?
- You see the full picture, including costs, risks and alternatives
- The recommendation is built around your circumstances
- Your family are welcome to join the conversation
- You're under no pressure to go ahead
Questions
Questions people often ask first
What is the minimum age?
The minimum age for a lifetime mortgage is 55. Generally, the older you are, the more you can release, because the plan is expected to run for a shorter time.
Will the house still be mine?
Yes. Ownership stays with you, and you carry on living in the property as before.
Will I have to pay something back every month?
With a lifetime mortgage, no. Most plans let the interest build up, with the loan repaid when you die or move into long-term care, and some let you make optional payments, which can reduce the total cost. A retirement interest-only (RIO) mortgage works differently: you pay the interest each month.
Is it possible to owe more than my home is worth?
Not with an Equity Release Council member. Their standards include a no negative equity guarantee, so the amount you or your estate repay can never exceed the value of your home.
Do you charge for your advice?
The first conversation is free. If you decide to go ahead, my fee is £895, which I'll confirm in writing before you commit to anything.
Have a question? Let's talk it through
Tell me a bit about your situation and I'll explain what your options could look like. There's no obligation.