As you approach retirement, the last thing you should be worrying about is finances. With home equity release you don’t have to. Equity release schemes allow property owners to unlock the cash potential of their homes, giving them a tax-free lump sum or additional regular income. With equity release, UK home owners can enjoy a happy, prosperous retirement, free of worry.
With an equity release mortgage there’s no monthly repayments, and you can stay in your own home for as long as you want. You can even move house! However, with so many schemes available, it’s important you get the right equity release advice. We at Equity Release Comparison are independent equity release specialists, giving structured, impartial advice on how to release equity from your home. We can help you choose from the many equity release schemes available, with exclusive deals on lifetime mortgages from some of the best providers on the market.
To get started, just use our equity release calculator, or better still call us for a personal chat, and get the retirement you deserve!
Home equity release – do you qualify?
There are two main stipulations for equity release: you must be 55 or over, and have little or no mortgage left to pay (However, those with mortgages may still qualify – use our equity release calculator to find out.) Your property should be worth at least £75,000, preferably not of unusual construction, and in general good repair. However, you can release equity to carry out home improvements, so that’s no problem!
The amount of cash you can release from your home depends on a number of things: your age, the value of your property, the amount of mortgage you have left to pay and the type of equity release scheme you choose. You can get a fast and easy answer by using our equity release calculator. You don’t have to own a house; equity release is also available for leasehold flats and maisonettes, provided the lease has 75 years or more left to run.
How does home equity release work?
It’s not difficult to understand equity release. Equity refers to the value of your home, less any outstanding mortgage or other loan secured on the property. With equity release schemes, an agreement is made between the homeowner and provider, which allows a tax-free sum to be released from the value of the home.
Naturally, if you move into long-term care or otherwise have to sell the house, equity release will affect the final amount you receive, as any balance owing will have to be deducted first. The final amount will be dependent on several factors, such as whether you chose a home reversion scheme or a lifetime mortgage, and whether the property has increased in value.
This is why it’s essential to get equity release advice from us at Equity Release Comparison. All equity release schemes arranged through us are protected from negative equity, and carry numerous other benefits. Remember – the money is yours to do with as you want. Leave your details by phone or online, and see how equity release can make your retirement dreams come true.