Essex Equity Release Advice Centre provide clients all across the Colchester area with advice about equity release and how it can benefit them. We have been providing support since 1999 and are a part of the family-run One Call Financial Advice Centre which was established in 1995. Around 90% of our clients come from existing customers and referrals and we are committed to working closely with you. Our equity release consultant and proprietor Ron Radway has years of experience in both lifetime mortgages and home reversion plans, giving you the information you need to make an informed decision.
Furthermore, we are also dedicated members of the Equity Release Council, IERAA (Independent Equity Release Adviser Alliance), CII (Chartered Insurance Institute), Later Life Academy, and PFS (Personal Finance Society), giving you the confidence you need in us.
Our Official Accreditations
At Essex Equity Release Advice Centre we take your decisions about equity release extremely seriously. Our main Proprietor and Equity Release Consultant is Ron Radway and he has valuable experience in lifetime mortgages and home reversion plans. As a company we are members of several official bodies, including:
- The Equity Release Council
- IERAA (Independent Equity Release Adviser Alliance)
- PFS (Personal Finance Society)
- CII (Chartered Insurance Institute)
- Later Life Academy
To add to this, each of these professional bodies provides different levels of support and protection for both members and clients. The Equity Release Council incorporated the Safe Home Income Plans (SHIP) Standards Board and they continue to provide protection for equity release consumers and work to increase and improve safeguards set for all equity release customers and the industry as a whole.
Services We Provide
At Essex Equity Release Advice Centre our main aim is to discuss with you what your needs are and whether an equity release plan is ideal for you. We can provide support on a range of topics, including:
- Home reversions
- Lifetime mortgages
- Information about equity
- What the money released can be used for
- How to do this
- Eligibility for the scheme
- Equity release
Benefits of Equity Release
When it comes to equity release it helps to understand what it is and what the significant benefits are. Equity release is typically a way of releasing cash from your property without moving, giving you more flexibility. Clients will borrow against the value of your home or sell a part of it for a regular monthly income, lump sum, or facility to get equity as and when you want to. Additionally, people have the options to make part or full payments towards the interest or to let the interest roll over. Any capital is repaid upon death or when entering long-term residential care. The scheme comes in two main forms – lifetime mortgages and home reversion.
One of the main advantages to equity release is the fact that you do not need to move home. The scheme offers you a way of releasing money without the stress of moving, giving you more time to enjoy your time. Any monthly outgoings that you have will also not increase, as most of the time you do not repay the money which has been unlocked until you move into long-term care or pass away.
Another benefit is that you are free to use the money released in whatever way you want to. The money could be used for one-off expenses or put into savings. Finally, you have the freedom to withdraw money whenever you need to. Interest will only be charged on the cash released, keeping bills down while giving you more flexibility.
For more on the benefits of equity release or to read more about what it is, please feel free to visit our dedicated page here.
Differences Between Lifetime Mortgage and Home Reversion
Understanding the key differences between the two main types of equity release can help you to determine which scheme is right for you and your requirements. Both types act differently and offer different benefits. Lifetime mortgages give you the opportunity to borrow a percentage of the value of your property. Any interest accrued can be paid either at the end of your mortgage term or in monthly installments. Considering the benefits of these is important as it allows you to plan financially and feel more secure. Paying monthly would reduce the roll-up of interest and leave you with less to repay at the end of your fixed term.
Home reversion plans are different as they involve selling a percentage of your property in return for either a lump sum or regular monthly income. When the property is sold, the lender will take back the money that has been lent. With this plan, there is no interest build up.
The major difference between these plans is that with lifetime mortgages you still own your home. However, with home reversion you sell a share of your house to the lender. If you decide to repay your lifetime mortgage early, then you may have early repayment charges to pay.
Colchester and the Surrounding Area
The historic town of Colchester has a large population of around 121,000 and can be traced back into the Roman period. Colchester has excellent transport links for rail, road and other forms of public transport. It can be reached by car via the A12 and the railway station is connected to the Great Eastern Main Line. Buses run regularly from the bus station in Osborne Street, providing an alternative form of transport. There are plenty of things to do in the area, including a trip to High Woods Country Park, Hollytrees Museum, and The Minories Galleries. Our equity release guidance is available for customers based in and around the Colchester area.
Contact Us Today
To find out more about how equity release could benefit you, please do not hesitate to give us a call. You can contact us today on 01268 799211 or fill in our online contact form to hear back from one of the team.