Property Guides and Information for the Costa del Sol, Spain

Looking to Increase Your Income or Raise Capital?

Bill Blevins, Managing Director
Blevins Franks

After working hard all your life, retirement should be a time to take it easy, do all the things you didn’t have time for previously and try to live life as worry free as possible.

Unfortunately it’s not always so easy to live the dream. Various ‘hurdles’ get in the way, one of the main ones being money! It’s quite common for those who retired in Spain some time ago to find that the cost of living has increased so much that income and living standards are not as they used to be. In addition it’s too often the case that while income may be adequate for day-to-day expenses, capital expenditure and life’s small luxuries become more difficult to achieve. Many struggle to raise funds for unexpected medical expenses or a replacement car or home improvements.

Worrying about such matters can be very distressing… but possibly unnecessary. For most people living here their most valuable asset is their property, which in many cases has risen phenomenally in value over the last few years creating a valuable asset that you cannot spend…well now you can sensibly access part of that increase in value for any purpose you wish!

For others it is not the need for extra cash, it’s simply that they want to enjoy life to the full and often limited finances prevent this. For some it’s the opportunity to help their children with house purchase, or during a difficult period, or perhaps assisting with their grandchildren’s education.

The frustration for many is that being ‘asset rich but cash poor’ means many reasonable aspirations are often unattainable due to lack of spare income or capital.

Property price increases may have made your property worth more today than you ever dreamed of, but at the same time cost of living increases have eroded your savings probably leaving you with less and less to spend each year. Most people obviously do not want to sell their home to increase their capital or income.

It’s no wonder that more and more people have been looking at equity release schemes as a possible solution.

The problem with many of the existing arrangements for most individuals is that they do not want to be involved in such schemes where the arrangement is possibly going to lead to the loss of their home.

For almost two years my business has been researching alternatives to the schemes commonly available, which we believe are too risky, or too costly, or possibly subject to repayment at short notice for most people needing to raise funds or increase income.

We have formed a new joint venture company, specifically to distribute a new equity release product from Sentinel, the leading provider in the southern hemisphere and Ireland, whose equity release product Seniors Money Lifetime Loan is a dependable winner and offers all of the benefits of true equity release without the risks apparent in most other schemes.

The unique benefits are:

• You keep full ownership of your property and you or your surviving spouse can continue living in it as long as you wish.

• You need not worry about losing your home.

• There are no regular repayments to worry about.

• You may repay the loan or top it up at any time.

• There are no restrictions on what you use the money for.

• The loan is designed to primarily improve your living standards and lifestyle and no investment is required of the proceeds of the loan, unlike most other schemes.

• There is a “no negative equity” guarantee – the loan balance due from you or your estate can never exceed the value of the property, even if property prices fall.

• You can choose whether to take the whole loan at the outset or use it for drawdown over time to provide income.

We are pleased to have finally found a product that does all this and which we are happy to recommend to property owners in Spain.

It’s an opportunity unlike any other currently available in Spain and is fully compliant with Spanish consumer protection legislation. It will be the answer to many home owners’ prayers.

The Lifetime Loan from Seniors Money is available to home owners over the age of 60 (the amount you can borrow will depend on your age) provided you own your home outright.

This winning new opportunity for home owners in Spain is exclusively distributed in Spain by Blevins Franks.

The Seniors Money Lifetime Loan provides you with a practical means to unlock the value you have worked hard to build up in your house, without having to move from the place you call home or place it at unnecessary risk. For more information contact us now.

September 29, 2006 | Category: Finance & Mortgages