Silver Living Manchester

11 www.silverlivingmagazine.co.uk Equity release allows homeowners over-55 to remain in their much-loved home and release an income or lump sum from their property allowing them to enjoy life to the full. Lorraine is our specialist Equity Release solicitor who can help guide you if you are considering releasing money from your home. Call her now on freephone 0800 083 0815 to book a free appointment Are you finding life is too short? Bury Head Office 2 Manchester Road, Bury Lancashire, BL9 0DT. T: 0161 764 5266 Little Lever Office 58 Market Street, Little Lever Bolton, BL3 1HN. T: 01204 709959 www.clough-willis.co.uk @BurySolicitor Equity release allows homeowners over-55 to remain in their much-loved home and release an income or lump sum from their property allowing them to enjoy life to the full. Lorraine is our specialist Equity Release solicitor who can help guide you if you are considering releasing money from your home. Call her now on freephone 0800 083 0815 to book a free appointment Are you finding life is too short? HOMEOWNERS aged 55 and over released nearly £4 billion from their homes in 2018, according to the latest quarterly lending figures¹ from the Equity Release Council. Long-term increases in the nation’s house prices mean that for many homeowners, their home represents a substantial financial asset. Accessing this wealth could help you improve your finances using a specialist mortgage, known as a Lifetime Mortgage, specifically designed for the over 55s. Lifetime Mortgages are the perfect way to unlock this wealth. Many people are enjoying their tax-free wealth for dream holidays, home improvements, mortgage repayment, and increasingly, using money to gift early inheritances to family. Can I keep ownership of my home? Your home remains your own for life. The mortgage, plus the interest accrued, only gets repaid at the end of your lifetime, or going into long term care. Can I r lease equity from my home if I have an outstanding mortgage? You can still release equity from your home if you have an outstanding mortgage, provided you can clear the outstanding mortgage balance on completion of your plan. Do I have to pay tax on the money? The money you release from your home is tax- free. Can I end up owing more than the value of my home? The Equity Release Council’s ‘No Negative Equity Guarantee’ ensures that your estate will never owe more than the value of your property for your peace of mind. Equity Release – The Facts: Must I make monthly repayments? Despite the name, a lifetime mortgage requires no mandatory payments. However, should you wish, many plans allow you to make voluntary payments. Your local, trusted expert will guide you through all your options. Specialist Paul Murphy will provide you with a free initial review and expert, clear advice with a first-class customer service. Seeking professional advice and a personal illustration is important, as taking advantage of your property wealth today could reduce the amount available for you and your estate in time. Receiving a tax-free cash injection could also affect your entitlement to means-tested state benefits. Plans are available that allow you to mitigate these impacts, which Paul will explain to ensure you are aware of all your options. Paul has over ten year’s industry expertise and knowledge. As a trusted name in the industry, Paul works with banks and accountants advising on lifetime mortgages. To find out if a Lifetime Mortgage could transform your finances, contact Paul Murphy today on 07816 061 170 for a no- obligation review. 1 Equity Release Council Spring Marketing Report 2019. Responsible Equity Release is a trading style of Responsible Life Limited. Only if your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490.