Equity Release Specialists
If you are over 55 years old & are a homeowner you could release your equity to make sure your later years are comfortable, or why not get that special something you’ve always wanted
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What is equity release?
Equity release is a smart way of releasing cash from your home without having to move or re-mortgage, you can either do this by taking out a type of loan secured against your home or by selling all or part of your home to a home reversion company.
What types of Equity Release are there?
The two main types of equity release available:
This is the most common type of equity release available. You borrow money secured against your home, and the mortgage is repaid from the sale of your home when you either die or move permanently into residential care.
Home reversion plan
You raise the money by selling all or part of your home while continuing to live in it until you die or move into permanent residential care
Who can get equity release?
There are certain conditions required before taking out Equity Release policies.
For a lifetime mortgage you / both of you if you borrow jointly ) need to be at least 55 years old.
For a home reversion plan you / both of you if you borrow jointly ) need to be at least 65 years old.
You must own property in the UK, and this must be your main residence.
Your property must be in reasonable/liveable condition and over a certain value, and there may be restrictions on the type of property accepted.
If you have a mortgage or loan secured on your property you may still qualify for equity release, but it depends on the actual value of the home and also amount that is outstanding on the existing mortgage & loan. You’ll have to pay off any outstanding mortgages or secured loans against your home at the same time that you are taking out the Equity release.
Equity release is not always suitable if you have dependants living with you and any dependants should take separate legal advice. If they do wish to remain living in the property, they may need to sign a formal waiver that confirms that they understand they do not have the right to reside there if you die or have to move into permanent residential care.
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