Lump sum or drawdown
Take everything at once, or take some now and keep the rest in reserve, paying interest only on the money you've used. Some plans also let you pay some of the interest to slow the loan growing.
See how the options work
Ripon & the surrounding area
Thinking of releasing money from your Ripon home? Let's see if it makes sense
If you're 55 or over and own your home, equity release may let you take some of its value as cash without selling up. I'll show you how it works, what it costs and what you could do instead, so the decision is yours to make with the facts in front of you.
- Equity Release and Retirement (RIO) Mortgage Advice only
- A free first conversation, with no obligation
- No jargon and no pressure
- Advice that takes in your circumstances and your family
Advice provided through Avalon FS Ltd, authorised and regulated by the Financial Conduct Authority.
The basics
What is equity release?
It lets homeowners aged 55 and over take money from the value of their property and carry on living in it. The most common routes are a lifetime mortgage and a retirement mortgage (RIO), which are the only types of equity release I advise on.
Your equity is simply what your home is worth, less any mortgage you still have on it.
The two plans I advise on
- Lifetime mortgage. A loan against your home, which stays yours. Many plans need no monthly payments, and the loan and interest are repaid when you die or move into long-term care. More on lifetime mortgages
- Retirement mortgage (RIO). You pay the interest each month, and the loan is repaid when you die or move into long-term care. It has to be affordable, and it isn't right for everyone. More on RIO mortgages
Your choices
It isn't all-or-nothing
You may have other options
Downsizing, other borrowing or help you're entitled to could suit you better than equity release. I'll always go through these with you first.
See the alternatives
Worth knowing
Things to think about
Equity release is a significant decision. Before going ahead, it's important to understand that:
- Interest is usually added to the loan and builds up over time, so the amount owed can grow quickly.
- It will reduce the value of your estate, so there may be less to leave to your family.
- It may affect your entitlement to means-tested benefits.
- It can be costly to repay early, and plans are designed to be long term.
Equity Release Council members offer a no negative equity guarantee, so you'll never owe more than the value of your home.
Why people do it
What people use the money for
Everyone's reasons are different. These are among the most common.
- Repaying a mortgage or other debts
- Improving or adapting the home
- Boosting retirement income
- Helping children or grandchildren
- Travel, or something you've always wanted to do
What to expect
How we'd work together
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An initial conversation
Free, with no obligation. We talk about your home, your plans and what you'd like to achieve.
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A look at your options
I explain the plans that might suit you, including their costs and risks, and what the alternatives are.
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A written recommendation
If equity release makes sense for you, I'll give you a clear recommendation in writing, with a personalised illustration.
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Time to decide
Think it over and talk to your family. Nothing goes ahead until you're ready.
Areas covered
Advice for homeowners in Ripon
I work with homeowners in Ripon, Masham, Kirkby Malzeard, Pateley Bridge, Thirsk, Boroughbridge, Bishop Monkton and Spofforth, and the area around them. I work with clients remotely, so you don't need to travel to see me.
Equity release in RiponWhy get advice first?
- Costs, risks and alternatives all explained together
- A recommendation based on your own situation
- Space for your family to be part of the conversation
- No pressure to go ahead
Questions
Common questions, answered
Am I old enough?
You need to be at least 55 to take out a lifetime mortgage. The older you are, the more you can generally release, as the plan is expected to run for a shorter period.
Does the home stay in my name?
You keep ownership of your home and carry on living there.
Are there monthly payments?
Not with a lifetime mortgage. Most let the interest build up, with the loan repaid when you die or move into long-term care, and some let you make optional payments, which can reduce the total cost. A retirement interest-only (RIO) mortgage is different: you pay the interest each month.
Can the debt end up bigger than the value of my home?
Not with an Equity Release Council member. Their standards include a no negative equity guarantee, so the amount you or your estate repay can never exceed the value of your home.
How much do you charge for advice?
Your first conversation is free. If you decide to go ahead, my fee is £895, and I'll put that in writing before you commit to anything.
Want to talk it over?
Give me a call or send a few details, and I'll explain where you stand. There's no obligation.