Independent Insurance Advisors for the West Country
Welcome to Grenville Westinsures' New Website
If you need personal advice about equity release get in contact with Alan Glover and he will be be able to advise you about the best options for your particular circumstances.
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Contact an Advisor
Our advisors can now be contacted via their own mail box. Simply click through to the our Team Page and you will be able to find the member of staff that you are used to dealing with on a day to day basis. We look forward to hearing from you.
Reinvestment
We are building a library of helpful FAQ sheets.
They should help you to understand your own specific needs before we start dealing with all your life, personal and commercial insurance policies. The library will also include information about a number of investment issues.
Equity Release
In all instances, age is the primary factor in determining the percentage of the value of your home that can be released. A person of an older age can release a higher percentage of the value of their home, than a person of a younger age, as they are not expected to live as long.
There is no maximum age limit for equity release, although applications are not usually granted for anyone under the age of sixty. When choosing an equity release plan, ensure that it has negative equity guarantee - so if the value of your property decreases, the debt will also decrease. This also ensures that any outstanding debt, after the sale of your property, will not be passed on to your next of kin.
Important factors to consider:
Equity release is not regulated by the government. Although you retain full ownership of your home until your death or admittance into long term care, not all lenders will allow you to move home after you have taken out an equity release plan.
If you are living with a partner, you must take out a joint plan to ensure that the debt will only be reclaimed after the death, or admittance into long term care, of the last surviving partner.
You will have to pay legal fees (a solicitor is needed to set up the equity release plan) and you will be charged for the setting up, maintenance and redemption of the loan, as well as the survey of your property.
To find out more about Equity Release, phone us on 01237 474806 or pop into our office in Bideford to make an appointment.