Equity release mortgages can be an ideal solution to access extra money, to be able to enjoy in retirement, or if you’ve come in to some financial difficulties.
The main advantage is that you can access this money without the need to sell your home or downsize to a smaller property.
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Equity release is a scheme which opens up access to your property’s value, so that you can release money for your retirement.
If you’re facing financial shortfalls, for instance, you can make the most of the wealth you’ve accumulated in your property without having to move house. Opting to do this is a lifetime commitment.
There are two main avenues to go down, when considering equity release mortgages: lifetime mortgages which include lump sum lifetime mortgages, drawdown mortgages and interest only lifetime mortgages or home reversion plan mortgages.
Think of a lifetime mortgage as a long-term loan which is secured against your property. It is a popular way of releasing equity, without making any repayments before the end of your plan. Instead, the loan and accumulated interest is paid in full from the sale of your property, when you move in to long-term care or die.
Rather than taking out equity at an interestable rate, you can sell all or part of your property in exchange for a cash lump sum, regular payments, or both.
Typically, you can expect to get between 20% - 60% of the market value of your home (or the part you sell). You must also be above the age of 65 and a homeowner
There is no fixed term, so this means there is no set date by which you need to repay your loan, and the interest rate is fixed for life, unless you take out any additional equity.
Releasing equity to spend now may mean you are not able to rely on your property for additional money later on in to your retirement, and if you take out an equity release plan which allows interest to roll up, there will be less for you to leave in for inheritance.
The money you receive from your equity release may also impact upon any state benefits you claim.
You are expected to pay arrangement fees and changing your mind might result in early repayment charges.
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