For many people aged 55 or above who own a home with little or no outstanding mortgage they will have lots of value tied up in their home. Many others have interest only mortgages and have no way of repaying the capital. Equity Release could be ideal for people in either of these situations.
The Tax free cash can be released as a lump sum or taken as an initial capital lump sum and drawdowns of capital if further money is required up to an agreed amount. Equity Release could be a way for you to raise cash on your own home without having to move out.
If you have an existing mortgage this will need to be paid off which can be paid from the Equity Release scheme any extra money release is yours to spend as you wish. With a Lifetime Mortgage scheme the most popular type of Equity Release you will retain ownership of the home and you do not have to make any monthly payments but some providers allow you to make interest payments or ad hoc payments up to an agreed amount each year.
All of the Equity Release providers are regulated by the Financial Conduct Authority and be members of the Equity Release Council. Some of the main reasons to release money from your home are for Home Improvements, Holidays, New Car, repay an existing Mortgage, pay off other debts, Helping family children or grandchildren with a deposit for a home or with their general finances, pay for a private operation, care in your own home, buy a Holiday home or Inheritance tax planning.
The amount you can borrow on a Lifetime Mortgage is based on your age and the value of your home and could be increased depending on your health and lifestyle. It is important to seek Independent Advice from an adviser who can look at all of the providers to seek the best plan for your needs and requirements. Remember a Equity Release scheme will reduce the value of your estate.
If you are in need of funds and you own your own home and are aged 55 and above please contact EQUITY RELEASE MONEY for more information
01244322199 or 07985903620 www.equityreleasemoney.co.uk
