If you are aged 55 and over and you are a UK homeowner, you could access some of the money that is tied up in your home.
Equity Release represents two products. A lifetime mortgage or home reversion scheme, which allows you to access the equity tied up in your home.
The most popular type of equity release is the lifetime mortgage. You can choose to take out money as a lump sum or an initial release which you draw down. The loan is usually repaid when the house is sold following your death or you were admitted into long-term care.
Perceptions have been changing
Equity Release has been gaining a following and has been rapidly evolving over the years. It has now become a more competitive planning option for the elderly. It continues to is grow in popularity within the mortgage sector.
The demand for it is increasing
Because of the flexibility of modern lifetime mortgages and the fact that they now offer you more flexibility, plans are very customer driven.
You can protect a percentage of your home’s future value for the benefit of loved ones and pay off the interest. There is also the added bonus that you can make repayments without being penalized and access flexible draw down facilities.
Rates are more competitive than they used to be, and no one is at risk of losing their home.
Why choose equity release?
More and more homeowners aged 55 and over are taking advantage of using their housing wealth to support their future finance plans.
Over the past few years there have been more and more plans and lenders that have entered the equity release space. There are now more than 200 plans available on the market.
When clients like yourself decide to take advantage, they usually have something in mind to spend the money on.
- fund a more active retirement.
- pay for home improvements.
- gift money to their children and grandchildren.
- buy a holiday home or second home or pay for holidays.
Equity Release can be a much more comfortable offer to help you finance a better lifestyle. All without the stress and disruption of selling up and downsizing.
It is also worth thinking about whether you are constantly stopping yourself doing all the things you wanted to do within your retirement?
All because you are trying to juggle with living life and not running out of money in the process.
In general, equity release has become a lot more popular and a lot easier to obtain the right kind of plans for your circumstances.
Want to find out more?
Give us a call 08081 551 807 or take a look at our website https://www.mortgagesquared.co.uk/equity-release/