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@ Sheringham Community Paper Issue No 24 - Friday 3rd October 2003 - Choose another issue
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Sheringham Community Paper

Over 60 and need to raise some cash?
Many older people find themselves short of money yet often own a valuable property. There are a variety of schemes that can be utilised in order to obtain a capital sum or income to provide the homeowner with the immediate resources they need to enhance their quality of life whilst retaining the major part or some of their asset for the ultimate benefit of their family.

The most popular ways to raise money on your property are:-
1. Capital Release Plan
2. Home Reversion Plan
3. Home Income Plan

CAPITAL RELEASE PLANS
Capital Release (or Equity Release) Plans are very popular. A loan is taken out based on the value of your property. The loan is secured on your home and provides you with cash to spend or save as you choose. There are no monthly repayments and the interest on the loan rolls up each year. Both the interest and capital is repayable when your home is sold, when you move into long term care or after your death. Most schemes allow you to transfer the "loan" to another property

HOME REVERSION PLANS
With this type of Plan you sell all or part of your home to a Company (usually an Insurance Company) and you continue to live in it as a tenant. In return the Company pays to you a percentage of the value of the property by way of a lump sum or a regular income for life. No interest or capital is paid to the Company during your lifetime but on your death the whole of the property (or a part of it) passes to the Company. The loan is repayable if the property is sold, or you move into long term care or after your death. Most schemes allow you to transfer the "loan" to another property

HOME INCOME PLANS
With this type of Plan a loan is taken out and secured on your home but some of the money must be used to purchase an annuity. The annuity provides you with a regular guaranteed income for life. Part of the annuity income is used to repay interest on the loan and the balance is paid to you to spend as you wish. This scheme has been popular in the past when annuity rates were high.

POINTS TO CONSIDER
1.Does the Plan enable you to move home?
2.Does the Plan affect any benefits that you may be receiving?
3.Have you discussed your ideas with your family?
4.Is the Plan registered with the organisation SHIP (Safe Home Income Plans)?

INDEPENDENT ADVICE
We will of course be happy to discuss any of these Plans with you but we are unable to give you advice as to which Plan you should choose. We will however be happy to introduce you to an Independent Financial Adviser who will be able to recommend what option is best for you and arrange the loan.
The cost depends on what Scheme or Plan you choose.

Any questions? Contact Susan Dawe on 823398.
Walter Smith & Co. Solicitors, 1 Augusta Street, Sheringham.
OLDE TIMES ON THE RAILWAY
20th September 2003 and Sheringham went back in time to the 1940s. On Sheringham, Weybourne and Holt platforms there was a great deal to see, many people dressed in the clothes and uniforms of the period. There were vintage cars, military vehicles, gunfire and prisoners taken. I have to say I had the most delicious Home-made Ginger Beer at Weybourne, it brought back fond memories of my youth.

My stop off at Holt allowed me to take a look at the stalls available and look at the military displays. Then we were off back to Weybourne where the platforms were very busy. Then back once more to Sheringham for a wander round the exhibits.
EXCELLENT AS USUAL

Sheringham Community Paper

Sheringham Community Paper

Sheringham Community Paper

Sheringham Community Paper

Sheringham Community Paper

Sheringham Community Paper

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Sheringham Community Paper
Published by Norfolk A2Z. 14, Waterbank House, Station Approach, Sheringham, Norfolk. NR26 8RA
Tel: 01263 826005  Fax: 01263 823235  website: www.at-sheringham.co.uk   e-mail: info@at-sheringham.co.uk