Expert equity release brokers in Hunstanton, West Norfolk
At Trusted Equity Release, our experienced and qualified equity release advisers based near Hunstanton or Heacham can help you explore your options, so you can decide if equity release is the right choice for you.
Lifetime mortgages in Hunstanton
Equity release products allow you to access the capital tied up in your home if you are 55 or over. All equity release funds are tax-free, and you can receive them in one lump sum or smaller amounts when needed. Money can be spent as you wish and common reasons for releasing equity include funding property improvements, boosting retirement income, or gifting money to family.
We are an independent and impartial equity release company that specialises in finding the right solutions for your individual requirements. We will work closely with you so that we can understand your unique circumstances and provide personalised advice. We can answer all the questions that you may have about equity release, such as: ‘What is equity release?’ ‘How does equity release work?’ and ‘How can I release equity?’
We are members of the Equity Release Council and abide by their safeguards and standards. This means we only recommend products that have a no-negative equity guarantee.
Our team can offer a free equity release consultation without needing to proceed. We can guide you through the options, and if you decide that equity release is the right choice for you, we can help you to take the next steps.
Get independent advice on releasing equity from your home by calling 01354 688 018.
Reasons to release equity from your Hunstanton home
- To pay off existing debts or a residential mortgage
- To fund home improvements or adapt your home so you can continue living there
- To add to your retirement income for day-to-day living costs
- To help children or grandchildren with a 'living inheritance' – usually used for housing costs to pay for a wedding or education
- To go on holiday or travel more
- To fund care at home or private medical bills
Later life mortgages and Hunstanton equity release
Unlock money from your home in Hunstanton for a more comfortable retirement. By releasing equity in the form of a Lifetime Mortgage, it enables people to remain in their homes and raise money for things such as:
- An additional income
- To provide financial gifts to relatives
- Home improvements
- To fund long-term care
- For holidays or a holiday home purchase
- To pay for care at home
Hunstanton is one of the top holiday destinations in Norfolk. Based on the coast with unique striped cliffs, it has wonderful countryside and a bustling town centre.
Property site Rightmove states over the last year, the average property price in Hunstanton was over £339,000. The majority of property sales during the previous year were flats that fetched an average of £200,000, whilst detached houses sold for an average of £469,000. Semi-detached homes sold for an average of £411,000. Overall, prices were up 20 per cent from the previous year and 19 per cent on the 2018 peak.
Lifetime Mortgages and equity release Hunstanton
Equity release is broadly split into two categories: Lifetime Mortgages and Home Reversion Plans. Our equity release brokers in the Hunstanton area work with Lifetime Mortgage products, the vastly more popular option.
Lifetime Mortgages allow you to take out a loan on your property that you can receive as a lump sum, a regular income or a combination of the two. If you choose a Drawdown Lifetime Mortgage, you will only pay interest on the money that you have accessed. You can continue to own the property and will not need to make any monthly repayments unless you wish to do so. The value of the loan plus any accrued interest will be repaid only when you die or move into long-term care.
Another key difference between a Lifetime Mortgage and a conventional mortgage is how your loan sum is calculated; with a traditional mortgage, your income and financial commitments are significant factors when considering affordability. However, for Lifetime Mortgages, the age of the youngest applicant and the property value and potentially any health issues are the only considerations.
With Lifetime Mortgages, usually the rate of interest for equity release is fixed for life.
Therefore, if you decide to let the interest roll up over time, you can forecast the sum owed throughout the year throughout the term on a year-by-year basis.
If you take out a Lifetime Mortgage, you can benefit from any future increase value on your property. This is good news because you may be able to release more money in the future if you wish. There is also a guarantee that you will never pass on debt to your loved ones and some products allow you to ring-fence some of the property’s value as an inheritance for your beneficiaries.
According to the rules of the Equity Release Council, all Lifetime Mortgages can be transferred or ported to another property as long as it is acceptable to the lender at the time.
Book an equity release consultation with Jeremy. No obligation consultations can be held in the comfort of your own home in any of the following locations:-
- Heacham
- Holme
- Holme Next The Sea
- Hunstanton
- New Hunstanton
- Ringstead
- Sedgeford
- Thornham
How can our qualified equity release advisers help you in Hunstanton?
We would always recommend an Equity Release Council member to seek advice from if you are wondering whether equity release is right for your situation.
Our qualified equity release advisers in Hunstanton will be able to help. First, we will meet with you to discuss your aim and goals as well as your financial situation. We can explain the different available products along with the benefits and drawbacks of equity release as a whole and look at specific products. We will explain the risks, costs and implications for your family.
Our advisers can search the whole market to find the right products to suit your needs. If equity release is not the most suitable option for you, we can work with you to try to find alternatives. This may include retirement interest-only mortgages and residential mortgages.
For equity release and retirement mortgages in Hunstanton, call our qualified equity release advisers
To book a no-obligation equity release consultation in Hunstanton, please call 01354 688 018 or 07768 972 861 or email jeremy@trustedequityrelease.co.uk
