Where their property prices have increased over the last decade, more and more older people are turning to Equity Release to improve their financial position in retirement. Seeking specialist advice when considering such plans is essential. The FirstStop Equity Release Advice Service provided by Just Retirement Solutions Ltd could benefit those considering Equity Release.
Many older home owners in the UK have equity in their homes yet have such small incomes, that they qualify for means-tested benefits.
FirstStop Advice Service is receiving an increasing number of enquiries from older people wishing to understand their options and needing help in choosing what is right for them. People consider Equity Release for many reasons such as to finance home improvement, whether for necessary repairs and maintenance or home improvements or adaptations. It can also be used for ‘lifestyle’ borrowing which includes raising funds for holidays, car purchase, helping children and grandchildren with university fees etc.
The Home Cash Plan is a lifetime mortgage provided by Just Retirement Limited and designed with the help of Joseph Rowntree Foundation (JRF). It was initially launched last year as a pilot in three local authorities with the support of JRF. FirstStop Advice aims to make this more widely available by providing access to the Home Cash Plan through its Equity Release Advice Service, provided by Just Retirement Solutions Ltd.
This Lifetime Mortgage gives you a cash lump sum and can also provide a facility to come back for more in the future. Interest is charged on the loan and on all the interest that is added to the loan each year, but you do not have to make any repayments until your home is sold - either when you die or move permanently into a care home
FirstStop Equity Release Advice offers advice, reassurance and practical solutions to older home-owners with financial concerns – whether that is identifying benefits or state funded care and support they are entitled to, or informing them about the right plan for their circumstances, or other alternatives open to them to help find a solution to their needs and hopefully enable older people to stay in their own homes for longer.
Advice is with no obligation and an adminstration fee of £749 will only be charged if you take out a plan. Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks ask for a personalised illustration.
The Home Cash Plan will allow home-owners to release small sums of money from their property to top-up their income easily, potentially alleviating the loss of means tested benefits. Equity Release is not right for everyone and will reduce the value of your estate.
The FirstStop Equity Release Service provided by Just Retirement Solutions Limited can be reached direct on 0800-232-1309. Lines are open Mon to Fri 9.00am to 6.00pm. Alternatively, please email firststopadvice@justretirement.com
Advice is provided by Just Retirement Solutions Limited, and the Home Cash Plan is provided by Just Retirement Limited. Both Just Retirement Limited and Just Retirement Solutions Limited are authorised and regulated by the Financial Services Authority.