This guide has been designed to define the equity release process. It explains how equity release can work for you, the essential points you should consider before releasing the equity in your Spanish property and the importance of seeking independent specialist advice on all possible options in plain English, without any jargon.

Seniors Capital are Spain's leading independent equity release consultants. We pride ourselves on the service we provide to all our customers, with impartial advice on the Spanish equity release & lifetime loan markets.

For every client, Seniors Capital promises:

■ to offer the highest levels of professional service

■ to provide the very best independent advice

■ to help you make informed choices

■ to explain each step of the process in plain English

■ to be transparent, fair and not misguide you in any way

■ to act in a caring and professional manner

■ to listen and act in accordance with your requirements

03 financial freedom for the over 60’s

Retirement is something we all look forward to. A time to relax, feel secure and do all the things we longed to do when we were too busy working. With the increased cost of living in Spain coupled with poor exchange rates and low returns on savings it makes financial freedom for the over 60’s, increasingly difficult. However, an over 60’s equity release plan can give you a new perspective, a new sense of freedom.

You can use the money for any purpose, some of the most popular are:

■ paying off your existing mortgage

■ purchasing a new car

■ home & garden improvements

■ help with regular bills

■ investing, for regular income

■ taking a well deserved holiday

04 7 simple steps… to a secure future

STEP 1 - Discuss the plan with your family and seek advice

Involve your family from day one to ensure there are no misunderstandings in relation to their possible inheritance.

You should consider all other options, such as trading down to a cheaper property.

This guide explains the importance of seeking specialist independent advice on your options.

Seniors Capital get to know you and your requirements and will discuss alternatives to equity release.

STEP 2 - Gather information

If you and your consultant agree that an equity release plan is right

for you, you will need to collect the following documents to proceed with your application: Copy of passports, proof of address, nota simple, escritura (title deed), buildings insurance certificate, suma or I.B.I receipt. STEP 3 - Getting to know your consultant Your consultant should explain, the features, risks and benefits of equity release, they will also help complete the application form with you. With some schemes you may have the services of an English speaking solicitor provided free of charge, as well as a free initial valuation - please ask your Seniors Capital consultant about this.

05 7 simple steps… to a secure future

STEP 4 - Valuation

On receipt of your equity release application, the lender will instruct a valuation of your property. The surveyor will liaise with you to arrange a convenient time to gain access to your property. STEP 5 - Mortgage Offer

On receipt of a satisfactory survey, the lender will send the Mortgage Offer to you. The lender’s solicitor will deal with all legal aspects of your application and with some schemes arrange for you to see an independent solicitor (see step 6). STEP 6 - Independent Legal Advice

Before you sign the Acceptance of the Mortgage Offer, the lender may require you to meet with an English speaking independent solicitor.

STEP 7 - Completion

On receipt of your signed Acceptance of the Mortgage Offer the lender will liaise with their solicitor to organise the completion meeting at the Notary’s office. The lender will release an amount of funds from the total mortgage amount to allow you to pay all associated fees.

The meeting will be conducted in Spanish. It is advisable for you to employ your own independent solicitor, especially if you do not speak Spanish. The Spanish Notary will need to be satisfied that you understand the terms of the document that you are signing. Once all the necessary paperwork is completed and registered, the lender will release the remaining funds directly to you, usually by bank transfer.

06 equity release - in plain English

With an equity release plan (sometimes referred to as a lifetime loan) over 60’s Spanish home owners can now safely unlock a cash lump sum from the equity in their home without making any monthly payments whatsoever.

The over 60’s equity release plan works by converting part of the equity in your home into a cash lump sum and / or guaranteed monthly payments to secure a more comfortable and enjoyable retirement in Spain.

The loan is secured against your property. The interest compounds and is added to your loan balance each month. The loan plus interest is only repayable from the sale of your property, on the death of the last surviving partner or if they permanently leave the property. You retain full ownership and can stay in the property for as long as you wish.

The lender also provides a ‘no negative equity guarantee’, so you will never leave a debt to your estate.

The amount you can borrow is determined on the value of your property, which in some cases must have a minimum value, and the youngest applicant’s age*. *Some schemes may require a minimum age of 65.

07 finding the right consultant

Taking an equity release plan or lifetime loan is a major financial decision. You need to be completely confident that it is the right choice for you and aware of your commitments and obligations before you move ahead. It is important that you receive professional, independent advice. Independent advice. Your equity release consultant should be able to help you consider all types of mortgage facilities available in the market. Choosing the wrong consultant and the wrong plan can cost you or your estate thousands of Euros in the future. It is important that you choose a consultant who can provide clear recommendations rather than just a list of options. Such a big decision requires the best possible advice, which should be unbiased and tailored to you and your needs in retirement.

For your peace of mind, all Seniors Capital consultants are independent equity release specialists.

info@seniorscapital.com :: www.seniorscapital.com

Seniors Capital

info@seniorscapital.com :: www.seniorscapital.com

© 2009 Seniors Capital

All data correct at time of printing, January 2009

Key features of equity release / lifetime loans:

■ cash lump sum and/or guaranteed monthly payments

■ no monthly repayments whatsoever

■ a no negative equity guarantee

■ no investment tie in

■ you retain full ownership of your home

■ inheritance tax may be mitigated in some cases