Mike Hodgetts Talks Family Values

Mike Hodgetts Talks Family Values

After nearly 10 years of running my own business as a tree surgeon, starting a family prompted a career move to something slightly less hazardous.

I sold the company and joined my family business Lighthouse Platinum Wealth Management in 2015. I gained the qualifications as a Mortgage, Protection and Equity Release adviser.

A family business, and a family man, I live just outside of Ipswich- only a couple of minutes from our Belstead office- with my wife and two young children.

Having spent a decade up in the trees with a chainsaw, I now spend much more time with my feet firmly on the ground. My clients vary from first time buyers needing help to understand the whole process to home movers and people looking to re- mortgage for a more competitive deal, but mostly speaking to people over the age of 55 who have questions about Equity Release.

What is Equity Release?

It’s a way of realising some of the equity tied up in the homes of people aged 55 and over.

A vital stage in our process when discussing the possibility of Equity Release is to ensure it is a suitable solution and that all other options of raising the funds required have been discussed and discounted.

There are two types- Lifetime Mortgage and Home Reversion.

Lifetime Mortgage is a loan secured against your home, but unlike a standard mortgage it doesn’t require monthly payments and it doesn’t have a fixed term. Instead, typically, borrowers will allow the interest charged to roll up and be repaid with the amount borrowed- this is usually when the last surviving borrower passes away or moves into long term care.

A Home Reversion plan involves selling part or all of your home in return for a lump sum, retaining a lifetime tenancy to remain in your home.

The amount available to release is based on two things- the age of the applicants and the value of their home. The money can be released as a lump sum or in smaller amounts, or a combination of both and can be used for any legal purpose.

Do you have questions about Equity Release? Call Michael Hodgetts on 01473 730999 or visit  www.lighthouseplatinum.com to find out more.

Equity Release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks of an Equity Release scheme please ask for a personalised illustration. Equity Release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate. Check that this mortgage will meet your needs if you want to move or sell your home or want your family to inherit it.

You will need to take independent legal advice before entering an Equity Release arrangement.

Lighthouse Platinum Wealth Management Ltd is an appointed representative of Lighthouse Advisory Services Limited which is authorised and regulated by the Financial Conduct Authority.

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