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Equity Release

Equity Release

How can I raise capital to make necessary alterations to my home?

Client Circumstances

  • Mr Holder is a 71 year old widower
  • He has sufficient income to cover his expenditure
  • He requires £25,000 to have his home modified, to help him move about more easily
  • His only asset is his home valued at £150,000
  • He does not qualify for any financial help on the improvements

Recommended Solutions

  • Equity Release for £25,000 (lifetime mortgage)
  • Contact Local Improvement Agency (LIA)
  • Ensure have Lasting Power of Attorney in place (LPA)
  • Make sure Will is up to date

Benefits from advice given

  • Able to make improvements to home, that will help him move about more easily
  • By contacting Local Improvement Agency (LIA) they can provide reputable and reliable companies to carry out the work
  • By taking out Lifetime Mortgage this will not increase his expenditure, as interest on loan will be rolled up and added to loan.
  • The loan can be repaid at any time, or left until the house is sold.
  • Loan will be covered by SHIP (Safe Home Income Plans), so if loan exceeds value of property, Mr Holder or estate will not be liable for excess.
  • Mr Holder will ensure a person of his choice can look after his personal affairs if he is later unable to.
  • A Will sets out who is to benefit from your estate after death

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