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Equity Release Essex - Lifetime Mortgage Near Me

Lifetime Mortgages, Home Reversion, and General Equity Release Advice London.
Reviewed by Tom Philips

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Equity Release Essex & Near Essex

Equity release Essex works the same way as it does all over the country. It is a way of obtaining the money that is currently tied up in your property and considered an asset. Instead of your family being the only people who benefit from these funds, you could tap into your property’s value right now.

There are different ways you can navigate equity release Essex, and the main ways are through a lifetime mortgage or through a home reversion. We will explain these concepts in detail later in the article, as well as explaining the pros and cons of each arrangement.

It is worth knowing that, when you get into the details of equity release Essex, you will realise there are even more options available to you, as there are many types of lifetime mortgage such as buy-to-let plans, second home plans, income plans, drawdown plans, and more.

In this article, we hope to prepare you for taking out equity in Essex by explaining exactly how you can do this. If you are not yet informed enough to make a decision, do not worry as we will delve into the features and risks of the scheme too.

When you have finished reading this article, we hope you will better understand Essex equity release. However, we are not naive, so we are aware that there is always more to learn. For this reason, we encourage you to speak to an adviser on the phone and get an accurate quote for equity release in Essex.

Some of the reputable lenders the financial advisors will research on your behalf include Scottish Widows, Legal & General, Aviva, Liverpool Victoria (LV), Canada Life, more2life, Hodge, Just Retirement, Pure Retirement, One Family and LiveMore Mortgages.

All advisors and lenders are regulated by the Financial Conduct Authority (FCA).

Please call our 24-Hour Helpline: 0330 058 1579

Preparing For Equity Release Essex – Use Our Free Equity Release Calculator

It’s difficult to know where to look when you’re first considering an equity loan. Some people prefer to have a look at the many plans available in Essex, or to read through the many frequently asked questions, or even check out our equity release specialist blog posts.

However, we would recommend first heading to our equity release calculator. It’s free of charge and your data is protected so you have nothing to lose when you calculate the amount of money you could release from your home.

If you are not eligible for equity release, the calculator will soon demonstrate this, as you will not be able to input the details it is asking for. However, sometimes, there will be further things that prevent you from taking out equity that are not addressed in the calculator.

In this instance, an equity release adviser would pick up on this and guide you on what to do next. Often, even if you are unable to get involved with certain plans, there will be another equity option for you. Sometimes it is even possible to change your situation to make equity release possible.

Please call our 24-Hour Helpline: 0330 058 1579

Would I Qualify For Equity Release Essex & Should I Do it?

Am I Eligible For Equity Release in Essex?

First, you need to consider your age. If you are under 55 years old, you will unfortunately not be able to take out a lifetime mortgage. Make sure you consider the age of your partner (if applicable), as they may be able to take out a mortgage if they meet the age requirements.

For a home reversion, the minimum age is 65, so fewer people are entitled to get involved with this scheme.

In terms of property, you must first own your own property, and then you must be able to prove that your property is worth at least £70,000. Don’t worry about getting the specific value, as when you speak to an adviser, they will provide you with financial advice which will include arranging valuation checks.

Can I Do Anything to Improve My Eligibility?

With factors such as age and the value of your property, you cannot do anything about not being entitled to an equity loan. However, there are other factors that are considered by certain mortgage providers, and you could consider whether any of these apply to you.

Firstly, your credit rating sometimes affects your chances of taking out a loan, so the higher your rating, the more chance you have. Income can also come into it, so if you have a good income, you may have more options available to you, as well as higher loans.

Secondly, you are likely to be a more eligible candidate if you do not currently have a mortgage, as it will be much quicker and easier for you to take out a lifetime mortgage. However, please rest assured that it is definitely possible to take out equity when you have an existing mortgage, and we will explain how later on.

Should I Unlock the Value of My Home?

Now, even if you are a suitable candidate for equity release, it does not necessarily mean that you should do it. We would recommend equity release for someone who needs financial aid, whether to spend on one expense or to receive on a regular basis.

Consumers of equity release in Essex must also understand that the inheritance passed onto their family will most likely be reduced. This is because the loan is paid off through the sale of the property, and usually, beneficiaries would gain all the proceeds from the sale.

If you want to save some of your money for your loved ones, mention this to your adviser, and they will help you secure a plan that allows for this. Often, this will be a home reversion, but it is also possible to have a lifetime mortgage that includes inheritance protection.

Please call our 24-Hour Helpline: 0330 058 1579

Responsible Advice on Equity Release Essex

As we have helped so many people in Essex to unlock the money tied up in their property, by now, we have plenty of advice to give. Here are a few essential tips:

Do Not Rush Into the Decision

Many people considering equity release in Essex are captivated by the allure of the loan, and they want to receive it as soon as possible. However, it is almost always a bad idea to accept the first plan you come across.

Equity release is a complicated process at times, and you must consider all of the pitfalls before you dive into it, otherwise you cannot be sure that your money will be safe.

The best way to prepare is to conduct independent research (we recommend our site), ask your family and friends for advice, speak to a professional adviser, and learn about many types of schemes before committing to any of them.

Remember that it is not just the equity release adviser who will be helping you through the process. You will also need to select a reliable solicitor and mortgage adviser, as without these key figures, the process is not guaranteed to be legal and safe.

Please call our 24-Hour Helpline: 0330 058 1579

Ask an Adviser For a Personalised Illustration

It is not particularly useful to hear about equity release as a general concept and to not understand how it will directly affect you. When you find an adviser, ask for a personalised illustration.

This will demonstrate how you could benefit from equity release, as well as the downsides to consider. It will also guide you to an ideal plan, as the adviser will be able to analyse your needs and determine which scheme would best accommodate them.

Make Sure You Have a No Negative Equity Guarantee

A no negative equity guarantee is a policy included in some Essex plans that ensures you will never have to pay back more than the value of your property. It is incredibly useful to have as you never know if your house will decrease in value at any point.

As so many modern schemes have this in place, there is no point selecting a scheme without this, as it is simply not worth the risk. We cannot trust the property market, so put your trust in the no negative equity guarantee instead.

Please call our 24-Hour Helpline: 0330 058 1579

Types of Equity Release in Essex

As we previously discussed, you can either have a home reversion or take out a lifetime mortgage if you are an equity release consumer living in the UK.

1. Lifetime Mortgage Schemes in Essex

If you are interested in this equity release plan, you would have to take out a new mortgage that would not have to be repaid until your home was sold (either when you pass away or go into long-term care). Lifetime Mortgage Schemes is the most popular type of equity release, so there are many varieties available.

The money you borrow would either be paid into your account as a lump sum or in monthly instalments, and this will depend on the plan you select. If you are unsure of the best way to go about this, give us a call and we will advise you on this after asking about your specific situation.

2. Home Reversion Plans in Essex

With a home reversion, consumers agree to sell a share of their property to an equity release provider and receive a loan in return, that also does not need to be paid back while the consumer is alive.

There are no monthly payments with home reversion, so you will be paid in a lump sum of tax-free cash. Some people choose to spend this on the trip of a lifetime, others save it and use it to top up their income each month, some spend it on home improvements, and various other things that improve their quality of life in retirement.

Please call our 24-Hour Helpline: 0330 058 1579

How Long Does the Process of Releasing Equity Take?

The process of releasing equity in Essex lasts a different amount of time for everyone. From start to finish, you will have to consider that plenty of time will be spent on research, consultations, valuations, administration, legal processes, and more.

Generally, we estimate that the entire process will last around 8 weeks after you apply. However, it can sometimes be months, and in certain cases, just several weeks.

Is Equity Release in Essex Safe or Should I Be Cautious?

Equity release is very safe if you approach it safely. It is always wise to be cautious as you are risking a lot by selling part of your home or taking out a mortgage that will leave you in debt.

However, rest assured that more and more people are getting involved in these schemes in Essex, and finding them to be wonderful ways of earning money in retirement.

If you follow our guidance and top tips, we trust that you will settle on a plan that is very safe and secure. The most important thing for security is to ensure your adviser is registered with the Equity Release Council (ERC) and is regulated by the FCA, as this means that if any challenges do occur, you will have support.

Please call our 24-Hour Helpline: 0330 058 1579

What Are the Disadvantages of Equity Release in Essex?

One disadvantage of equity release is that it could be viewed as restrictive given that you have to meet certain age requirements and own a property of a certain value. However, there must be a cutoff somewhere, and the purpose of an equity loan is to support people in their later years, which is why it is known as later-life lending.

Another drawback could be that you have to pay interest on the loan, and certain plans have high-interest rates. However, keep in mind that you can choose to repay interest with interest-only plans, and there is no interest applied to home reversions.

If you are releasing equity to combat the cost of living, then it might be better to first try to see if you can better manage your budget. Below, we list organisations that may be able to help in Essex:

1. Basildon Credit Union

Address: Centre, St. Martins Square, Basildon SS14 1DL

Telephone: 01268 208102


2. Citizens Advice Basildon

Address: Basildon Centre, The, Basildon SS14 1DL

Telephone: 0808 278 7877


3. Citizens Advice South Essex

Address: The Basildon Centre St. Martins Square BASILDON Essex SS14 1DL

Telephone: 0808 278 7877


4. Holdfast Credit Union

Address: The Centre, 90 Newland St, Witham CM8 1AH

Telephone: 01376 516994


5. Citizens Advice Brentwood

Address: Council Offices, Ingrave Rd, Brentwood CM15 8AY

Telephone: 0344 477 0808


6. Southend Credit Union

Address: 1 Warrior Square N, Southend-on-Sea SS1 2JN

Telephone: 01204 239217

Please call our 24-Hour Helpline: 0330 058 1579

Alternatives to Equity Loans in Essex

The first alternative to Essex equity release that we would like to talk about is a retirement or retirement interest-only mortgage. With this type of mortgage, you could borrow money just before or during your retirement to help you if your pension isn’t going to cover all your expenses.

Another option is to borrow money from someone. However, when it comes to borrowing from family, you would have to be certain that you could pay it back, and it may be difficult to find someone who trusts you enough to do this. What’s more, if you need a steady income each month, this may not be a favourable option.

You could consider renting out a room in your house. Given that many young people cannot afford to purchase their own home, it is likely that you would have many people interested in this. However, this of course depends on the size of your house, your location, and other factors such as whether you feel safe or comfortable doing this.

Getting a credit card is another alternative, and something that many people do nowadays. However, unlike with an equity loan, you will owe back the money while you are alive, which can be an extra stress that you don’t need in your later years.

Finally, you could downsize, which would mean you’d be spending less on a mortgage and your expenses may reduce. We recommend this to people who are still fit and healthy, as moving can take a toll on your health, particularly if you are moving to a distant location.

Please call our 24-Hour Helpline: 0330 058 1579

Specific Concerns About Taking Out Equity in Essex

We would like to tackle some specific concerns people have about Essex equity release. Though you are welcome to ask us these questions over the phone, it can be helpful to get a brief explanation before you contact us.

How Can I Ensure the Process is Legal?

You must pay for a solicitor to get involved with the equity release process and offer legal advice, and the fees will vary depending on the firm you choose. Please make sure you go with a trusted solicitor – it may be a good idea to ask your family and friends for recommendations.

Another tip is to double check that the equity release adviser is regulated by the FCA as we mentioned earlier, as this will prevent them from scamming you, and if they do try to, they will face consequences.

Could I Spend My Money on a Family Trip?

Yes – once you receive your loan, it is up to you what you want to spend it on. For some people, there is nothing better to spend money on than a family trip, as it allows you to spend quality time with your loved ones after perhaps being distant due to working.

If you need the money to cover your bills, we would of course recommend doing this first. However, some people do take out equity with the sole purpose of paying for once-in-a-lifetime trips.

Can I Release Equity If I Have an Existing Mortgage?

Yes, with many plans, you can release equity despite having an existing mortgage, as the majority of people are in this situation. Some people with a lifetime mortgage decide they want a different equity mortgage, and in this case, our answer is different.

If You Have a Traditional Mortgage

With a traditional mortgage, you would need to use the equity release funds to pay it off and then continue to have the lifetime mortgage. It is vital that you inform the adviser of your current mortgage so that they can arrange this process for you.

If You Have a Lifetime Mortgage

This is slightly more complicated, as once you are registered as an equity consumer, it is difficult to get out of it. It is certainly possible to get a new mortgage, but you may well have to pay a fee to do this, which is referred to as an early repayment fee.

Please call our 24-Hour Helpline: 0330 058 1579

Reach Out to Equity Release Warehouse to Learn More

Please don’t hesitate to get in touch with us with any questions you have about Essex equity release, or even to discuss the alternatives to equity release. We want to make sure you have all the information necessary to make the best choice for you and your family.

So, how can you reach us? Either head to our callback form or call us directly on our freeline, 0330 058 1579. We are here for you every single day from 8am-8pm, so don’t worry if you work a 9-5 and cannot call during the day.

We would be delighted to play a part in your journey of accessing the funds locked up in your home. We know all too well the benefits this can have on people’s lives in retirement, and we want you to experience these benefits for yourself.

Access help and advice today across Essex in Abbotsweld, Barking, Basildon, Benfleet, Billericay, Braintree, Brentwood, Buckhurst Hill, Burnham On Crouch, Canvey Island, Chelmsford, Chigwell, Chingford, Clacton On Sea, Colchester, Dagenham, Dunmow, Enfield, Epping, , Frinton-on-sea, Gants Hill, Great Dunmow, Halstead, Harlow, Harwich, Ongar, Hockley, Hornchurch, Ilford, Ingatestone, Leigh-on-sea, Loughton, Maldon, Manningtree, North Ockenden, Ongar Purfleet, Rainham, Rayleigh, , Rochford, Romford, Saffron Walden, Shoeburyness,  Southend-on-Sea, South Ockendon, South Okendon, Southend, Southminster, Stanford-le-hope, Stansted, Theydon Bois, Thurrock, Upminster, Waltham Abbey, Walton On The Naze, Westcliffe On Sea, Wickford, Wivenhoe and Woodford Green.

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