Contact Me
Ready to Start Your Conversation?
Get in touch today for your fee-free, no-obligation consultation and discover how your home could enhance your retirement lifestyle.
Jane Jackson
07990 836455
- jane@janejacksonfs.co.uk
- Serves Stone, Staffordshire, and the surrounding counties
My client’s FAQs
Yes, life insurance is available even with existing health conditions, though premiums may be higher than standard rates. Some providers specialise in covering people with health conditions that other insurers might decline to cover. The type and severity of your condition affect both availability and cost. Well-managed, stable conditions typically result in better terms than recent or poorly controlled conditions. Always disclose all health conditions accurately during the application – failure to do so could invalidate your policy.
Critical illness cover pays a one-off lump sum if you’re diagnosed with a specified serious condition like cancer, heart attack, or stroke. Income protection pays a monthly income if any illness or injury prevents you from working, regardless of the specific diagnosis. Critical illness is for major health events that require a lump sum for immediate needs; income protection is for longer-term inability to work that requires ongoing income replacement. Many people benefit from having both types of cover for comprehensive protection.
A Lifetime Mortgage may suit you if you’re 55 or over, own your home, plan to stay long-term, and need to access property wealth without monthly repayments. Consider whether you’ve explored alternatives like downsizing or Retirement Interest Only mortgages, understand how compound interest works over time, and have discussed the impact on inheritance with your family. The most suitable way to determine suitability is through a consultation with a qualified advisor who can assess your specific circumstances, explain costs, and ensure you understand all implications before proceeding.
Yes, absolutely. You’re free to give whatever amounts you choose to whomever you wish. It’s your money and your decision. Some parents provide equally to all children, while others offer different amounts based on individual needs. For example, you might help one child with a house deposit now, while planning to help another later when they’re ready to buy. The important thing is open communication with all your children about your decisions to prevent misunderstandings or resentment. Many families find that transparency and clear explanations help everyone understand the reasoning behind different amounts.
Yes, absolutely. With a Lifetime Mortgage (the most common type of equity release), you remain the owner of your property. You can live there for the rest of your life or until you move into permanent care. The loan is only repaid when the property is eventually sold. You’re also free to make home improvements, and you can still leave your property to your beneficiaries – though the equity release amount will reduce the inheritance.
The amount of equity you can draw from your home will depend on your age, health circumstances and the property value. Generally, you can release between 20% and 60% of your home’s value. The older you are, the more you can typically borrow. In your initial consultation, I’ll provide a personalised illustration showing exactly how much you could access based on your circumstances. Most lenders also have a minimum loan amount, usually around £10,000.
You can withdraw at any time before completion without penalty, even after signing initial paperwork. Multiple review points give you opportunities to ask questions, reconsider, or withdraw. You’re not legally committed until final signing with your solicitor at Step 12, and even then, there’s a cooling-off period. Once completion happens and funds are released, you’re committed to the mortgage, though early repayment is possible (subject to early repayment charges).
Most straightforward Lifetime Mortgage cases complete in approximately six weeks from initial meeting to receiving funds. This includes consultation, product research, document collection, compliance approval, application submission, property valuation (1-2 weeks), legal work, mortgage offer, and final signing. More complex situations might take 8-10 weeks due to property complications or ownership issues. I keep you informed throughout and resolve delays quickly. If you need funds by a specific deadline, begin the process at least 8-10 weeks beforehand.
Using a Council member advisor ensures you work with someone who holds specialist qualifications in later life lending, carries professional indemnity insurance protecting you if advice proves unsuitable, provides clear and transparent information about costs and implications, thoroughly assesses whether releasing equity suits your circumstances, and follows verified procedures throughout the application process. Council membership demonstrates commitment to professional standards and customer protection. Additionally, member advisors only recommend products from member lenders, ensuring that all key guarantees, such as no negative equity protection, are included.
The Equity Release Council is the industry body representing the UK equity release sector, established in 1991. It brings together equity release advisors, lenders, solicitors, and other professionals who commit to following strict standards and providing specific customer safeguards. The Council exists to protect customers and maintain high industry standards. Membership requires meeting stringent criteria and ongoing compliance. The Council regularly reviews and updates standards to ensure robust customer protection as the market evolves.
Your state pension won’t be affected as it’s based on National Insurance contributions, not means testing. However, means-tested benefits such as Pension Credit, Housing Benefit, or Council Tax Support could be affected, as they assess income and capital. Lump sums from equity release may count as capital, potentially reducing benefit entitlement. If claiming means-tested benefits, get advice from Age UK or Citizens Advice beforehand to understand the impact on your specific situation. I would also recommend speaking to a debt organisation, such as National Debtline or booking an appointment with an Independent Financial Advisor.
Clearing debts with a Lifetime Mortgage means using funds borrowed against your home’s value to pay off existing debts, such as credit cards, loans, or mortgages. You replace multiple monthly payments with one debt secured against your property that requires no monthly repayments. Instead, interest compounds over time, and the total amount is repaid when you pass away or move into care, typically from selling your home. This eliminates immediate payment pressure but increases what you owe over time, reducing inheritance.
Yes, many Lifetime Mortgage products offer a drawdown facility that lets you withdraw money in stages rather than a lump sum. You might take an initial amount to get your project started, then draw down additional funds as work progresses. The advantage is that you only pay interest on money actually withdrawn, not the full approved amount. For example, if you’re approved for £50,000 but initially take £30,000, you’ll only pay interest on £30,000 until you draw more. This can be particularly useful for large projects happening in phases, or if you’re unsure exactly how much you’ll need due to potential contingencies.
This is a common question, and the honest answer is, it depends. Kitchen and bathroom refurbishments, extensions and conservatories, energy efficiency upgrades, and accessibility features typically add measurable property value, especially as accessibility becomes increasingly important to an ageing population. However, improvements like landscaped gardens, home offices, studios, or hobby rooms primarily add lifestyle value rather than direct resale value. Even if improvements don’t increase property value pound-for-pound, they can significantly improve your quality of life, which is often more valuable than potential resale value.
RIO mortgages typically have lower interest rates than Lifetime Mortgage products. With a Lifetime Mortgage, you don’t make monthly payments, so the interest compounds over time. With a RIO, you’re paying the interest each month, so the debt never grows. The best value depends on how long you’ll have the mortgage, your income situation, and your priorities around inheritance. I can show you side-by-side comparisons with real figures based on your property value and age.
Yes, you can remortgage from one product to another, though you’ll typically face early repayment charges (ERCs) on your current mortgage. These charges usually decrease over time. Whether switching makes financial sense depends on your circumstances. In your consultation, we can calculate whether the benefits of switching outweigh the costs, particularly if your income situation has changed significantly since you took out your original mortgage.
The main difference between an equity release mortgage and a retirement interest only mortgage is the monthly payments. With equity release or lifetime mortgages, you don’t have to make any payments, though you can choose to if you wish. Instead, the interest is added to the loan. With retirement interest-only mortgages, you pay the interest monthly, so the debt remains the same. Both mortgage options are repaid when your home is sold.
As we age, health risks increase, and income often becomes fixed, making protection more valuable. The right insurance ensures your mortgage payments continue if you become ill, provides funds for healthcare costs, and gives your family financial security when they need it most.
Simply call 07990 836455 to arrange your free consultation. Jane Jackson will visit you at home (or arrange a video call) for a two-hour discussion about your circumstances and ideal outcome. There’s no pressure to proceed, and family members are welcome to join the conversation.
If preserving inheritance is important, consider a retirement interest only mortgage, as the debt won’t grow over time. With lifetime mortgages, you can also choose inheritance protection options that guarantee a percentage of your home’s value will always be left for your family.
If you have a terminal illness, equity release is often the simplest option as there are no monthly payments to worry about, and the application process is typically faster. Some lenders also offer enhanced terms for serious health conditions, potentially allowing you to borrow more money.
Equity release is a way to access the money tied up in your home. There are two types of equity release: lifetime mortgages and home reversion plans. Jane specialises in lifetime mortgages, which allow you to raise funds without having to sell your property.
If you’d like to explore home reversion plans, Jane can arrange for a specialist to contact you.
A retirement interest only (RIO) mortgage lets you borrow against your home while making monthly interest payments. Unlike a lifetime mortgage, the debt doesn’t grow because you’re paying the interest each month. The loan is repaid when you sell your home or pass away.
A lifetime mortgage is one type of equity release that allows you to borrow money against your home while continuing to live there. You do not need to make monthly repayments. The interest is added to the loan, and everything is repaid when your home is eventually sold. Throughout its duration, you remain the owner of your property.
