Mortgage For Over 65 | Equity Release Help and Advice

As we get older many of us find that our access to mortgages and other finance products decrease, but in some cases mortgages may be still available for those of us who are over 65 years of age with lenders now creating mortgage products for the older home owner. As with standard mortgages the availability of retirment mortgages will depend on your income and affordability with lenders looking to make sure the mortgage product is suitable for your individual circumstances.

However some retirement mortgages do not look at your credit file or your income! These are equity release mortgages. These have grown because in some circumstance if you are over 65 a new interest only standard mortgage may not be the best solution. Other finance products are available that may be suitable. The popular option for over 65s is equity release. Here at First Choice Finance we have lots of experience helping homeowners who are over 65 and have access to mortgages and equity release products that could help you borrow the money that you need.

Equity Release Plans give homeowners a way of releasing money from their property and continuing to live in it. If you are aged 55 or older there are some Equity Release Plans that allow you to improve your quality of life by unlocking money from your property without ever having to make any repayments during your lifetime.

Do you want to travel, improve your home, buy a new car, take regular holidays, provide healthcare, have a regular income, help your family or reduce your inheritance tax?

All of this is possible for older people with an Equity Release Plan.

Compare Equity Release Plans

Find the most suitable and competitive Equity Release Plan for you with help from one of our expert equity release advisers.

There are two main types of Equity Release Plans:

A Lifetime Mortgage allows you to take out a loan based on the value of your home.

This loan can either be taken as a lump sum or drawn down in a series of stage payments over time, when needed.

A Home Reversion Plan lets you obtain money by selling a percentage (or all) of your home to the plan provider and living in it as a tenant.

You can sell all of your property or just a percentage, retaining the option to sell another percentage later on if required.

What Is The Difference Between Remortgage And Equity Release?

As mortgage advisers we here a First Choice Finance offer both equity release plans and remortgages, there are a number of difference between the two which one of our expert advisers will be happy to discuss with you, but equity release is a product designed to help over 55`s to take money from your property reducing your equity.

An Equity Release plan gives you security & peace of mind. You and, if applicable, your partner can remain in your own home for the rest of your life. An Equity Release plan could also help you with Inheritance Tax planning - you should seek separate tax advice on this area. You can also use an Equity Release plan to pre-fund your long term care.

Most plans are available from age 55, so if you are over 65 then you may find yourself getting offered better rates or larger amounts than if you are only just 55. Exceptions may also be made for younger people because of factors such as disability or long term illness.

Benefits (State, Means-tested) :- You should always consider that an Equity Release plan can affect any means-tested benefits that you are entitled to but sometimes your improved financial situation will outweigh any lost benefits, so check this out fully first.

At First Choice Finance, we provide clear, relevant information and advice about the equity release plans and mortgages for the over 65`s that are available in England, Scotland, Northern Ireland and Wales. We want to help you to make an informed choice about Equity Release plans and your financial future that will help you in your retirement years. We aim to provide you with all the information you need to compare the various schemes that the Plan Providers` offer. The decision of whether to take an Equity Release plan is entirely yours.

Equity Release Schemes
If you are a homeowner and you and any spouse/partner are over 55, Equity Release schemes can turn some of the value of your property into cash. If you or your spouse/partner are under 55 we could still help you with a remortgage or interest only mortgage.

Significant increases in house prices, coupled with changes in family attitudes, mean more and more people are finding out just how Equity Release Schemes can improve their lives by:

Improving their Income
Enhancing their home
Reducing Inheritance Tax liabilities
Fulfilling life-long ambitions
Making home extensions etc...

Why choose First Choice Finance
First Choice Finance have a team of mortgage adviser`s with detailed knowledge on major UK equity release mortgage schemes. We have a number of different equity release lenders on our panel so are able to offer you the best scheme for your own requirements from our panel of equity release mortgage providers.

With many years experience of arranging equity release schemes, whilst equity release may not be suitable for everyone, as a small focused specialist company you can be assured that we will use our experience to fully review your circumstances before making any recommendations as to the most suitable course of action. So once you are ready to seek advice and a quotation, please complete our simple online enquiry form, complete it as fully as possible and then submit it to us.

Equity Release Lifetime Mortgages This is a lifetime mortgage. To understand the features & risks ask for a personalised illustration. Our fee is £985 which is only payable upon completion. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME, OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.