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Age UK is the new force combining Age Concern England and
Help the Aged in England.
You've worked hard for your home. Now make it work hard for you with the Age UK Equity Release Advice Service.
You can talk to an equity release specialist or book an appointment, quoting reference AgeER3.
Lines are open 9am - 6pm Monday to Friday. Calls may be monitored and recorded for training purposes.
Advice on equity release is provided by Just Retirement Solutions Limited
You've worked hard for your home. Now make it work hard for you with The Age UK Equity Release Advice Service, provided by Just Retirement Solutions Limited.
Equity Release allows you to free up cash from the value of your home without the stress of having to sell up and move.
There are two main types of equity release plan available:
Both of these plans allow you to remain in your own home and release cash for making the most of your retirement. Maybe take the holiday of a lifetime, buy a new car, help out your family or even make home improvements.
With equity release you:
No obligation expert advice
Taking out equity release is a major decision, so it's important that you seek financial advice. That's why Age UK are working with Just Retirement Solutions Limited, one of the UK's largest equity release specialists and leading retirement advisers. With the Age UK Equity Release Advice Service you will get advice and information from a dedicated equity release specialist. You will only be charged if you decide to take out a plan. Advice given by Just Retirement Solutions Limited carries no obligation.
If you decide to take out a plan, there will be a fee of £675 for advice and arranging an equity release plan we recommend. You will only be charged if you decide to take out a plan. Advice given by Just Retirement Solutions Limited carries no obligation. There are other fees associated with equity release that your advisor will talk through with you.
All the service I had was brilliant, my experience was very good. Equity release has been a godsend for me as I've managed to get my double glazing done, and I'm going to take my daughter away for her 50th birthday. It's nice to be able to relax and not worry about the next fuel bill.
Just Retirement Solutions advises on equity release plans from providers who are members of the Equity Release Council and abide by their strict code of conduct.
The Equity Release Council is an industry trade body that helps to ensure products are safe and accessible for consumers.
Advice on equity release is provided by Just Retirement Solutions Limited. The exclusive products are provided by Just Retirement Limited.
* If you call the 0800 number you will be dealing with Just Retirement Solutions Limited, which provides The Age UK Equity Release Advice Service. Calls to 0800 numbers are free from a BT landline. Call charges from other companies or mobiles may vary and you may want to check this with your service provider. Calls may be monitored or recorded for training purposes.
The Equity Release Council Code of Conduct provides firms with strict criteria which members must adhere to. The Code of Conduct states that members must:
1. Allow customers to remain in their property for life provided the property remains their main residence.2. Provide customers with fair, simple and complete presentations of their plans. This means that the benefits and limitations of the product together with any obligations on the part of the customer are clearly set out in their literature. It should include all costs that the customer has to bear in setting up the plan as well as tax implications, their position on moving house and the effects of changes in house values on their loan.3. Give customers the right to move their plan to another suitable property without any financial penalty.4. Give customers the right to choose an independent solicitor of their own choice to conduct their legal work. The firm must provide the solicitor with full details of the benefits their client will receive prior to the completion of the plan. The solicitor only signs a certificate once he or she is satisfied that their client fully understands the risks and benefits of the plan.5. Provide an Equity Release Council certificate signed by the solicitor to ensure clients are aware of the terms and implications of the plan including the impact of equity release on their estate.6. Give customers a 'no negative equity guarantee' on all equity release plans. This means customers will never owe more than the value of their home and no debt will ever be left to the estate.
Age UK Enterprises Limited receives commission from Just Retirement Solutions Limited of up to 1.5% of the amount advanced under each equity release plan sold, plus a contribution towards marketing support. Your local trading Age UK/Age Concern receives up to 30% of the commission that Age UK Enterprises Limited receives for each equity release plan sold (i.e up to 0.45% of the amount advanced) Surplus net profits raised by Age UK Enterprises Limited from commission are donated to Age UK.The Age UK Equity Release Advice Service is provided by Just Retirement Solutions Limited. The product with exclusive features is provided by Just Retirement Limited. Both are registered to the office address, Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey, RH2 7RU. Just Retirement Solutions Limited is registered in England no. 5125701. Just Retirement Limited is registered in England no. 05017193. Both are authorised and regulated by the Financial Services Authority.
Age UK is a registered trademark of Age UK (charity no. 1128267). The use of the name and logo Age UK is done so under a licence agreement between Age UK and Age UK Enterprises, its commercial arm and part of the Age UK Group. Age UK Enterprises Limited is registered in England and Wales no 3156159. Age UK Enterprises Limited registered office: Tavis House 1-6 Tavistock Square, London WC1H 9NA.
Ref: ER2182V8JAN13
There are many reasons why people in the UK consider equity release schemes. Whatever the reason, it is essential that you seek professional advice.
With the Age UK Equity Release Advice Service, provided by Just Retirement Solutions Limited, you will speak to a trained specialist on a dedicated support line.
They will give you all the information you need and book an appointment for you to talk to an adviser either over the phone or in your home.
These advisers are trained to look for the best option for you. They will take the time to fully understand your needs. They do not favour specific products but aim to help you make the best choices.
Just Retirement Solutions Limited take an open approach to these appointments and encourage family members to attend, if it's right for you.
When you speak to an adviser they will:
If you then decide to proceed with your application, you will get all the help and support you need. When they can, Just Retirement Solutions Limited will complete the forms with you and at all stages will work within specific timeframes. This means you know exactly what to expect at all times.
Exclusive features for Age UK customers
There are now fewer equity release providers than ever before. This has meant a much lower level of choice when it comes to selecting a plan. So in conjunction with Just Retirement Limited and Just Retirement Solutions Limited, we've come up with products designed with you in mind.
The equity release plans with exclusive features for Age UK customers, provided by Just Retirement Limited are lifetime mortgages. They allow you to release tax-free cash either as a lump sum or in smaller amounts as and when you need it. This means you only take the money you really need. The plan has exclusive features for Age UK customers including a minimum ad hoc drawdown of £500 and no valuation fee charges.
Here are the answers to some of the most frequently asked questions about The Age UK Equity Release Advice Service. If you have any further questions, please call 0800 023 2814*
A. You can spend the money you release from your home to make the most of your retirement.
A. Yes. Factors such as your age and the value of your home will also determine the amount of money you can release.
A. A lifetime mortgage is a type of loan, which is secured against your home. It allows you to release a cash sum (or, with some plans, take smaller amounts as and when you need them) from the value of your property.
You continue to own your own home and benefit from any increase in its value. With most lifetime mortgages, there are usually no regular payments to make and nothing has to be paid back until the end of the plan.
This usually happens when you or the last plan holder living in the property dies or moves into long term care.
There may be an early repayment charge if you decided to repay your mortgage early. One of Just Retirement's advisors can explain this in detail.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
A. Home reversion plans involve selling part or your entire home to a home reversion provider in return for a cash lump sum.
While all or part of your home will belong to someone else, you can remain living there for the rest of your life rent free.
A home reversion plan is not a loan and so there is no interest to pay either. However, if your property increases in value, you will only benefit from the increase in value of the proportion you still hold.
When you die or move into long term care, the property will be sold and the reversion company receives its share of the proceeds.
You should be aware that when you take out a plan you will normally receive less than the current market value of your home - this is because the reversion company who buys your home cannot sell it until you die or move into long term care and so need to protect themselves against any potential loss in value.
This is a home reversion plan. To understand the features and risks, ask for a personalised illustration.
A. As long as the new home you wish to move to meets the acceptance criteria of your equity release provider then you should be free to move. In some circumstances, for example down-sizing to a smaller property, a part repayment of the equity released may be required.
A. If the plan is in both your names then it will continue until the death of the last surviving person. However, if your property and equity release plan are taken out in your name only, the property would have to be sold and your partner would have to find somewhere else to live (unless, for example, they were able to repay the equity release plan in full.)
A. If the amount required to repay your mortgage ends up being more than the eventual value of your property upon sale, most equity release providers cover the loss and do not have a claim upon any other assets in your estate.
This is called a ‘no negative equity guarantee’ and is offered by all Equity Release Council members. Such guarantees are subject to you meeting your plan conditions.
A. Equity release plans are long term commitments designed to be paid back only when you die or move permanently into long term care. If the plan is repaid prematurely there could be a substantial early repayment charge.
Different equity release providers calculate these charges differently. The amount concerned will be detailed in the equity release provider’s plan documentation.
A. Arrangement fee; Valuation fee; Legal fee; Advice fee
Some of these fees can be added to the money being released
A. The risks will depend upon the type of equity release scheme you choose. Think carefully before securing other debts against your home.
A. Each is different but a typical case should take somewhere between 12 to 16 weeks. The breakdown of this is as follows:
Weeks 0 - 2 Get in touch via phone or emailWeeks 2 - 4 Meet an advisor to discuss your needs. A detailed analysis of your circumstances is carried out including a State Benefits Review. A second meeting will highlight all your options, costs and the next stepsWeeks 4 -16 Your application is processed with the relevant provider
Here is a helpful list to help you understand the many terms you will read about when you consider Equity Release.
AAccrued interestThe amount of interest that has accumulated on a plan over time.
Arrangement feeA fee that you pay the lender, usually to reserve the funds for a mortgage or lifetime mortgage.BBenchmark Interest RateThis is an interest rate used by some providers in calculating an early repayment charge.Building InsuranceInsurance that covers physical damage to a building as opposed to its contents. Equity Release plan holders are required to have adequate buildings insurance to the value of their property.
BenefitsYou may be eligible to receive financial support from the State, such as Council Tax Benefit, if you are on a low income or have certain costs to meet because of your personal situation.CCash AdvanceAn amount of money advanced to a plan holder under the equity release planCash FacilityThe amount of money available from a provider, from which the initial advance is taken.DDeedsLegal papers that establish who owns a property and names anyone who has an interest in its value.
DrawdownTaking a cash advance from your pre-agreed cash facility. This is done after the initial advance is paid. Only when drawdown is taken does the interest start being charged on the drawdown amount.Drawdown Lifetime mortgageA lifetime mortgage that allows a customer to draw down funds in stages as and when required. This means you only pay interest on the amount borrowed at any one time.
EEarly Repayment ChargeA fee applied by some mortgage companies should you choose to repay your mortgage early. This charge is only applicable in certain instances and will vary from provider to provider.
EquityEquity is the value of your home minus any outstanding mortgage or other debts secured against it.Equity ReleaseAn Equity Release plan allows you to release tax-free cash from your home in the form of a cash lump sum or regular drawdowns, usually with no monthly repayments to make.Equity Release CouncilAn industry trade body that helps to ensure products are safe and accessible for consumers.EstateIncludes your home, possessions and any savings or investments.FFinancial AdviserA Financial Adviser provides financial advice based on an individual customer's needs, offering the most suitable and competitive product from the range of providers available to them.Financial Ombudsman ServiceAn independent and impartial complaints scheme which aims to settle disputes about financial products or services.Fixed Lifetime MortgageA type of loan which allows you to release a cash sum from the value of your property in exchange for a fixed charge.Fixed rateAll of the plans that Just Retirement Solutions Limited recommend have fixed rates, which means that the interest rates on the plan will never change throughout its term.FSAFinancial Services Authority. The UK's financial regulator set up by the Government to regulate financial services and protect consumer rights.HHome Reversion PlanA form of Equity Release, where the customer sells all or part of their home in return for a regular income or cash lump sum or both, and continues to live in their home for as long as they wish.IInitital Cash AdvanceThe amount advanced to plan holders at the start of an Equity Release plan.InterestThe charge made by lenders on money you borrow fom them. Interest can be variable (goes up or down) or be fixedKKey Facts DocumentImportant information set out in a standard way, so you can compare services, products and costs.Key Facts Illustration (KFI)Important information about the financial product you are buying, describing key features and risks.LLifetime MortgageA loan secured on your home. Normally no repayments are made on the loan until the death of the last surviving policy holder or their move into long term care.Loan to Value FactorThe maximum amount that can be borrowed against a property based on age and sex of the youngest applicant and the property value.Legal feesThe fee you pay to a solicitor for their services.NNo negative equity guaranteeA guarantee to ensure you will never owe more than the value of your homeOOpen Market ValueThe value of the property should it be sold on the open marketPPortabilityThe ability to transfer your policy to another property providing it meets the lenders criteria ( this may involve some expense on your part).RRoll-up lifetime mortgageThe Just Retirement Roll-up lifetime mortgage is a lifetime charge against your property that allows the release of equity from your home.VValuation FeeA fee paid to a lender to cover the inspection of your property.
Call to find out more about Equity Release
0800 023 2814*
(quoting reference AgeER3)
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