R.J.
Nash
Consultancy Ltd
Independent Financial Solutions
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Someone who explains and helps you assess the merits of equity release. Independent Financial Advisers (IFA's) can compare and evaluate plans from different companies. Appointed agents can only give advice about the plans on offer from the company they work for. Cash Release A type of mortgage. You can take out a loan, secured on your property to provide either a cash lump sum or an income for life. No repayments are made until your home is sold which is usually after your death or leave your property because you need to go into long term care. Equity The value of your property in excess of any amount owed on a mortgage or other loan secured against it. Equity Release A way of unlocking the equity in your home to provide a cash lump sum, a regular income or a mixture of the two. Estate The value of your assets, including all your savings, possessions and home. Inheritance Tax A tax payable on the value of your estate after you die. If your estate is worth more than £300,000 you will have to pay tax on the amount above this threshold (£300,000 for tax year 2008-2009). Negative Equity If the amount you owe in mortgage and loans secured on your home is more than its market value this is called negative equity. Good equity release plans include a no negative equity guarantee to ensure your family will never be left in debt as a result of taking out a plan. SHIP Stands for Safe Home Income Plans. Members of this organisation subscribe to a Code of Conduct and their plans guarantee that you cannot lose your home whatever happens to the stock market or interest rates. SHIP also provides a formal procedure for handling complaints. Information on-line at www.ship-ltd.org Valuation A qualified valuer will inspect your property and prepare a report which tells the plan provider what condition your property is in, what it is worth and how much it should be insured for. R.J. Nash Consultancy act as introducers only to Sesame Solutions for Lifetime Mortgages. We usually charge a fee for this introduction of £500 and then share 50% of the commission/fee with Sesame Solutions. Sesame Solutions typically charge a fee of £450 on application. They can then accept commission from the provider or alternatively they can be paid a further fee of £1000 and any commission will be rebated back to you. Equity Release refers to home reversion plans and lifetime mortgages. To understand the features and risks, ask for a personalised illustration. |
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