Your Local Independent 128

May 2019 3 NEWS Q. What is Equity Release? Equity release is the releasing of some of the equity/capital that has accrued in your property during your ownership. You have two options when choosing an Equity Release product. The most common is through a lifetime mortgage, whereby you release the lump sum by way of a mortgage against your proper- ty. Monthly repayments are not required and the interest accrues against the property. On your death, or on moving into long- term care, the loan and interest will have to be repaid usually by the property being sold. The other option is a home re- version plan whereby you sell all, or a portion of your property to the home reversion provider. Simi- lar to the first option there is no interest to be paid, however it is likely that the provider will buy the proportion of the property off you at less than market rate. You will have the right to reside in the property for the rest of your life. It is important that if consider- ing equity release you seek advice from a specialist financial advisor as this product is not right for ev- eryone but it can make a differ- ence to those that it is suitable for, for the rest of their lives. Q. Can I sell my house if I have taken out an Equity Release? Yes you can. However the loan would have to be repaid, unless you have agreed with the Equity Release provider that the loan can be transferred to another proper- ty. The lender would not automati- cally transfer the loan as the new property would need to meet the lender’s criteria. Q. Would taking out an Equity Release affect my Pension credit? If you are considering taking out an equity release it could reduce your Pension Credit. It is there- fore essential that you obtain the appropriate advice before proceed- ing with an Equity Release to see whether the product would be ap- propriate or not. Q. Can you obtain further money from both schemes if required? For both types of equity release some providers offer facilities that can allow you to draw more funds in the future. However, this can depend on the valuation of your property at the time that you re- quire the extra funds. Also if you have opted for a re- serve facility this may mean that the interest that you pay is high- er than those products without a reserve. Again it is important that you obtain the advice to ensure that the product you get is appropriate for your particular circumstances Q. Will taking out an Equity Release affect my benefit? Equity Release might affect any means tested benefits, particu- larly if you receive Pension Cred- it, council tax support or housing benefit. It may affect your tax position. Therefore you should take appropriate advice from the Inland Revenue, Benefits Agency or local Citizens Advice Bureau before proceeding further. Q. Will I no longer need to maintain or insure my home? Your obligation to insure and maintain your home continues af- ter taking out an Equity Release. It would be classed as a breach of a term of the mortgage if you did not insure or maintain the prop- erty once you have taken out an Equity Release. If you have any questions on any of the above or any other property matters please con- tact Lorraine Stratton-Webb or to arrange a free no obliga- tion consultation at our Prop- erty Clinics every Tuesday 2pm – 5 pm. To book a free ap- pointment call freephone 0800 083 0815. Everything you need to know about Equity Release Fusilier Museum celebrates birthday THE Fusilier Museum in Bury has marked its 10th year anniversary. The military museum, which tells the fascinating stories of XX The Lancashire Fusiliers and the Royal Regiment of Fu- siliers, first opened its doors to the pub- lic at Wellington Barracks in 1934. After many years of fundraising by the board of Trustees in the early 2000’s and searching for bigger premises the museum then moved to its current loca- tion in Bury town centre. It first opened its doors on St George’s Day, 2009 but was officially opened by HRH the Duke of Kent later in the year. The total cost of the relocation project exceeded £4.2 million with £1m of the funding being provided by the Heritage Lottery Fund. In 2014 the museum further en- hanced its offering by completing phase 2, a £1.4m funded redevelopment of the top floor which included a new state- of-the-art conference and events space The Minden Suite, The Quartermaster’s Store a new open store to house the mu- seum’s collection and the re-location of The Fusilier Archive. The award winning museum now wel- comes in excess of 25,000 visitors each year and has hosted a wide range of temporary exhibitions including 6VC’s before breakfast, 18 for 18 and most recently Army Brides: Dresses through the Decades which looks at bridal fash- ion during the last century. The museum is also now a popular conference and events venue as well as an education learning centre for thou- sands of school children each year. Col Brian Gorski, Chairman of The Fusilier Museum, said: “I have been in- volved with the museum for many years and have seen it grow from strength to strength during this time. Myself and the board of trustees have always had ambitious plans for the museum and we will continue to maintain its position as one of the leading military museums in the country. Our success wouldn’t have been possible without the hard work and commitment from all our staff and the board of trustees. A huge thank you to them for their continued support as well as external supporters and organisations.” Food supplies are sent to African needy BOLTON’S generosity has helped fill two 40ft long containers of food supplies for the humanitarian crisis in Djibouti. Acollection campaign byAl-Khair Foun- dation drew an amazing response from the public and the shipment was sent out to the Horn of Africa country that is dealing with extremes of poverty and caring for refugees from conflict. The five-week Djibouti Container Ap- peal has gathered vital supplies of basic foodstuffs such as flour, pasta, rice, cook- ing oil, baby milk powder and tea bags along with new clothes. “The response has been amazing and will help so many people desperately in need,” said Mr Aslam Atcha Bolton Fund- raising Manager of Al-Khair Foundation. “The people of Bolton are generous and this appeal saw howmuch they care about people who are struggling. Their generosi- ty will make a big difference to many lives and we would like to thank them.” Mr Zubair Valimulla, National Mosque Liaison Officer of Al-Khair Foundation said: “Al-Khair Foundation has set a per- fect example that charity begins at home.” WORK has started to re- surface a number of main roads in Radcliffe. The programme will take around eight weeks in total, although each road will be worked on for shorter peri- ods on different dates. Higher Ainsworth Road, between the junctions of Grindsbrook Road and Hardman Street. Works to take place between 9.30am and 3.30pm, with temporary traffic lights in operation. Church Street West, from Barlow Street to Spring Lane. The road will be closed to through traffic be- tween 9.30am and 4pm with a diversion put in place. No parking will be allowed on Church Street or Rectory Lane during the works. Outwood Road, from the mini-roundabout at Lodge Brow to the junction with Rupert Street. Work to start on 3 June and take two to three weeks. Sections of the road will be closed to through traffic, with a temporary diversion route in operation. Coronation Road, between Turks Road and Wordsworth Avenue. Work to start on 28 May and last two to three weeks, between 9.30am and 3.30pm. Traffic lights and short-term closures in place. Stand Lane, between Peel Street and Pilkington Way. The majority of work will take place on two Sundays; 2 June and 9 June. Sections of the road will be closed to through traffic, with a temporary diversion route in place. Resurfacing work gets underway Helena Briden, General Manager and Col Brian Gorski, Chairman