Lifetime mortgage
You borrow against your home but it stays yours. Plenty of plans ask for no monthly payments at all; the loan and the interest are paid back when you die or move into long-term care.
More about lifetime mortgages
Merseyside
Clear, unhurried equity release advice for Merseyside homeowners
Aged 55 or over and own your home? Equity release can turn part of its value into money you can use, while you carry on living there. Before you decide anything, I'll go through how it works, what it costs and what else you could do instead.
- The first chat is free and carries no obligation
- Everything explained in plain English, never rushed
- Recommendations built around you and your family
- Equity Release and Retirement (RIO) Mortgage Advice only
Advice provided through Avalon FS Ltd, authorised and regulated by the Financial Conduct Authority.
The basics
Equity release, explained simply
Equity release lets homeowners aged 55 and over take some of the value out of their property without having to sell up. The two main routes are a lifetime mortgage or a retirement mortgage (RIO), which are the only types of equity release I advise on.
Retirement mortgage (RIO)
A retirement interest-only mortgage, where you pay the interest every month and the loan itself is repaid when you die or move into long-term care. The payments have to be affordable for you, so it suits some people and not others.
More about RIO mortgagesChoose how you receive it
Take everything at once, or draw it down in smaller amounts when you need it and pay interest only on what you've taken. A few plans also let you make voluntary payments to hold back the growth of the loan.
How the choices differOther ways to do it
Releasing equity won't be the best answer for everyone. Moving somewhere smaller, borrowing in another way or claiming support you're due might serve you better, and I'll go through those with you before anything else.
Look at the alternatives
How it works
Four steps, and you set the pace
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Talk to me
A free conversation, with no strings, about your home, your plans and what you hope to achieve.
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Look at your choices
I take you through the plans that could fit, what they cost, where the risks are and what else you might do.
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Receive my recommendation
Where equity release looks right, I put my advice in writing, with an illustration based on your own figures.
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Take your time
Think it over, and speak to your family if you'd like. Nothing happens until you say you're ready.
What it's used for
Why homeowners release equity
- Updating or adapting the home
- Boosting income in retirement
- Giving children or grandchildren a hand
- Clearing a mortgage that's still running
- Settling debts
- A holiday, or a long-held ambition
Worth knowing
Things to think about
Equity release is a significant decision. Before going ahead, it's important to understand that:
- Interest is usually added to the loan and builds up over time, so the amount owed can grow quickly.
- It will reduce the value of your estate, so there may be less to leave to your family.
- It may affect your entitlement to means-tested benefits.
- It can be costly to repay early, and plans are designed to be long term.
Equity Release Council members offer a no negative equity guarantee, so you'll never owe more than the value of your home.
Areas covered
Advice for homeowners across Merseyside
I advise homeowners in Liverpool, Sefton, Knowsley, St Helens and the Wirral, including Southport, Birkenhead and Widnes. We can have our first conversation by phone or video call, so there's no need to travel anywhere.
Equity release in MerseysideWhy talk to an adviser first?
- You see the full picture: the costs, the risks and the alternatives
- What I recommend reflects your own situation
- Family are welcome to join the conversation
- No pressure to go any further
Questions
Answers to the questions people ask most
What age do I have to be?
A lifetime mortgage is available from age 55. Generally, the older you are, the more you can release, since the plan is expected to run for a shorter time.
Will the house still be mine?
Yes. Ownership stays with you and you carry on living in your home.
Will I have to pay something back each month?
Not with a lifetime mortgage. Most let the interest roll up, and the loan is repaid when you die or move into long-term care. Some also allow optional payments, which can bring down the total cost. A retirement interest-only (RIO) mortgage works differently: you pay the interest every month.
Is it possible to end up owing more than the house is worth?
Not through an Equity Release Council member. Council standards include a no negative equity guarantee, so what you or your estate repay can never be more than the value of your home.
How much will advice cost?
Your first conversation is free. If you choose to go ahead, I'll set out every fee and cost in writing before you commit to anything.
Fancy a relaxed conversation?
Give me a few details about your situation and I'll explain what the options could look like. You're under no obligation.