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Equity Release
Advice Lincoln

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Equity Release
Advice Lincoln

Aged 55+ in Lincoln? Explore a wide range of later-life mortgage solutions. With numerous equity release products available, our experts will help you find the right solution for you.

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How does equity release in Lincoln work?

Equity Release occurs when you turn the equity in your home into a lump sum of cash. What you do with the lump sum of cash it’s entirely up to you. Many people look to release equity to pay off unsecured debts, pay for holidays, or gift the money to a family member to use for a deposit to purchase a home.

If an equity release plan is indeed the best route for you to take, it also allows your later life mortgage advisor in Lincoln to find the most suitable product that benefits you now and also further down the line, in the future, from the whole of the market.

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Lifetime Mortgages in Lincoln

You will find that Equity Release in Lincoln will come in the form of a Lifetime Mortgage.

Whether you are at the end of your mortgage term or if you have repayments left, you do have the option to release your equity through a Lifetime Mortgage. As long as you live in your primary residence, you are able to take this mortgage out as well as choose a portion of the equity towards future family inheritance.

You might want to make monthly payments back but, a more common option is to let the interest accumulate. The time the loan becomes repayable is when you die or move into long-term care, meaning you are unfit to look after yourself.

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When you are thinking of taking out some equity from your home, there may a few options to consider. You need to be at least 55 years old to qualify for Equity Release. Furthermore, your age and the value of the property can affect how much you can withdraw from your home.

If you are looking for further expert mortgage advice in Lincoln, about Equity Release, it can be beneficial to approach a specialist in the field. Contact a Mortgage Broker in Lincoln and we will provide you with the open and honest support you need.

To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

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Equity Release FAQs in Lincoln

What are some things to remember with equity release?

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Equity release is a significant financial decision that can impact your future, so it’s crucial to consider the following:

  • Long-term Commitment: Equity release is a long-term commitment that may affect your estate’s value and your entitlement to means-tested benefits.
  • Interest Accumulation: With most equity release schemes, interest accrues over time. It’s important to understand how this could impact the overall amount owed.
  • Professional Advice: Seek advice from qualified later life advisors advisors like Dan Osman. He can guide you through the process, explaining the implications and helping you make informed decisions.
  • Impact on Inheritance: Releasing equity from your home may reduce the inheritance you can leave behind. Discuss this with your family and ensure everyone is aware of the potential impact.
  • Consider Alternatives: Explore alternative options, such as downsizing or other financial products, before deciding on equity release.

I have an Equity Release enquiry, can you help?

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Yes, we can certainly help you with this. We have an expert Equity Release in Lincoln specialist who may be able to help. They have extensive experiences and knowledge about this topic and are available to answer any of your questions.

Can you help me Remortgage to Release Equity?

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We can help you with this as well as a regular remortgage enquiry if you have enquiries or are going towards the end of your fixed period. Our team have helped thousands of customers looking for support on their mortgage journey through our 20 plus years in the industry. They strive in making experience as smooth and stress free as possible whatever your circumstances. Customers are at the forefront of what we do as a Mortgage Broker in Lincoln.

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Our Simple Mortgage Process

Free 30 Minute Chat About Your Future

Step 1

When you schedule a free initial mortgage appointment with our laterlife mortgage advisor in Lincoln, we will engage in a thorough conversation regarding your objectives and strategies concerning inheritance.

Alternatives to Equity Release

Step 2

While equity release and lifetime mortgages remain viable options, we consider them as last-resort solutions. Our belief is that there might exist a more suitable alternative tailored to your specific circumstances.

Discuss With Family / Trusted Parties

Step 3

Knowing the significance of later life mortgages, we strongly encourage you to involve your family members or other trusted individuals in our discussions.

Tailored Lifetime Mortgage Recommendation

Step 4

In the event that equity release is determined to be either suitable or unsuitable for your needs, our knowledgeable later life mortgage advisors in Lincoln will direct you to the appropriate services that can further assist you in devising your plans.

I have Equity to Release, can you help?

Free Mortgage Review

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As a reputable and trusted mortgage broker in Lincoln, we have been helping our customers to achieve the mortgage goals they have their hearts set on for over two decades. Our open & honest mortgage advisors in Lincoln have the same level of passion and dedication that they have helping people with standard residential mortgages, in presenting whole of market lifetime mortgage advice in Lincoln for our older and truly valued customers.

Finding You The Perfect Deal

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Being a reputable Mortgage Broker in Lincoln, we have access to a large panel of lenders who offer a range of deals. From this, our team can search through 1000’s of remortgage deals to find you a deal that is perfect for your circumstances.

Our Service

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We are proud to serve a high level of service at Lincolnmoneyman and we strive in providing customers satisfaction. Look at our genuine reviews to see how we have helped many customers on their mortgage journey.

7 Days a Week

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Our amazing team of Mortgage Advisors and Administrators are available 7 days to provide the expert guidance you need to fulfil your mortgage needs and get you through the journey. As well as this, we can help you with other services like referring to a conveyancing solicitor.

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Finding you the Right Equity Release Deal in Lincoln

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Popular Options For Equity Release in Lincoln

Equity Release to Pay Off a Mortgage

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If you aren’t towards the end of mortgage term of your mortgage term, you still are able to take out a lifetime mortgage. With this, they can take a portion of the equity to pay off the remaining balance of a mortgage. One thing that may be affected is your affordability because you technically have a large financial commitment to pay for so this may limit you when it comes to how much you can borrow.

Equity Release to Pay Off Unsecured Debts

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It’s best to start by highlighting he difference between unsecured and secured debt. Secured debt are things like mortgages as it’s secured against your home. Unsecured debts include personal loans as it’s not secured against any assets. In this circumstance, people decide to go for Equity Release to make up the costs of any unsecured debts they may have.

Equity Release in Lincoln for Home Improvements, Modifications or Alterations

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If you are looking to undertake some home improvements on your, a lifetime mortgage could be the best choice for you. Another option is to take out a standard remortgage to release equity, however, this just depends on your situation. Here at Lincolnmoneyman, your dedicated Mortgage Advisor in Lincoln can review your personal and financial circumstance to look at which option is the most appropriate one for you.

Below are some of the most common improvements people do to their house with the of Equity Release:

  • Home offices
  • Conservatories
  • Garden improvements
  • Extensions
  • Interior Improvements
  • Garage

Equity Release in Lincoln for Additional Purchases

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If you don’t want to put the equity towards any of the options above, you can put it towards more personal things, In some cases, you might want to use the cash to fund a holiday, a new car, or even a wedding. We do advise you speak to one of our expert Mortgage Advisors in Lincoln who have rich knowledge about Equity Release and Lifetime Mortgages.

Mortgage Guides & Lincolnmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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