What you need to know
Lumos Financial are Independent Financial Advisers and Equity Release Specialists based in Hemel Hempstead. If you are over the age of 55, we can help you achieve a greater lifestyle in retirement by unlocking some of the equity that you’ve built up in your home, giving you access to tax-free capital when you need it most.
Money seems to be tighter for families these days, and when retirement comes, pensions aren’t always enough to rely on alone. Are you considering freeing up some cash from your property, but you don’t feel ready to part with your family home? Depending on your circumstances, a Lifetime Mortgage could be an option to consider.
Many of the individuals we’ve helped over the years have used the money for
- Making improvements to their home. That new kitchen, redoing the garden or adding a downstairs bathroom that makes your home more comfortable in later life.
- Enjoying more holidays and a greater quality of life, socialising with friends and family.
- Paying off debts and having greater peace of mind.
- Helping family members get a head start in life through funding University fees, or helping to get onto the property ladder.
How Does it Work?
A Lifetime Mortgage is a loan secured against your property. You can continue to own and live in your home, release some of its value as cash, and repay it by the sale of your home when you go into long-term care or die. The loan is usually repaid from the proceeds of the sale of your property. Once the loan (plus any interest and charges) is repaid, any of the remaining value in your home can be passed onto your loved ones.
Releasing money from your home is a big decision, and a Lifetime Mortgage will reduce the value of your estate and it may affect your entitlement to means-tested state benefits.
It’s vitally important you clearly understand every stage of the process, how each product works, and how they could impact the financial future of you and your family.
Independent Financial Advice
As Independent Financial Advisers that specialise in Later Life lending, we have access to the whole of the market and only recommend lenders that are members of the Equity Release Council (ERC). All ERC members abide by the ‘no negative equity guarantee’ that ensures you will never owe more than the value of your home. Focused on ensuring that you understand and are comfortable with the products being recommended to you.
Our Financial Recommendations
We’ll happily sit down with you and your family to explain our recommendations and the advice we’ve given as we understand that these decisions are emotive and can impact the whole family.