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Your guide will provide impartial information that takes away the confusion, and breaks the whole equity release process down into an easy to understand format, and will include all the information you need about Lifetime Mortgage, Home Reversion Plans, Flexible Drawdown Options and much more.
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Summarised below is a short guide to the different options, but for a full comprehensive guide, submit your request and a copy will be posted to you.
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Below is a short summary of Equity Release and the different schemes available:
Equity release schemes are plans that allow homeowners to borrow money against the value of their home without the need to meet ongoing monthly mortgage payments, and fall into two main categories. Equity Release schemes, also known as Lifetime Mortgages, and Home Reversion Plans.
With home reversion, you will sell part or all of your home to a reversion company and in return you will get a tax free lump sum. Although the property or a portion of it has been sold, you receive a guaranteed lifetime lease, and no ongoing monthly payments.
Unlike a lifetime mortgage, you agree the percentage of the property you wish to sell, and that is that. Any increase in the property value is then shared between you and the Home Reversion company as per the percentages owned.
In an interest only mortgage, you will borrow a lump sum against the value of your property, and then pay interest every month. When your home is sold, the capital is repaid with the proceeds of sale. Interest Only Lifetime Mortgages are few and far between, but can be beneficial.
For those that can afford an ongoing interest only payment, with the option to switch to a rolled up interest scheme without further application, the benefit is clear. All the time that the ongoing interest only payment is being met, the balance owed will not increase.
If you have sufficient equity in your property and you are aged 55 or over a lifetime mortgage would allow you to release equity either as a lump sum, or as as an initial lump sum with a future option to draw down more should the need arise. Any amount of equity released would then incur an interest charge that would be applied to the amount released. This amount would compound over time.
Any homeowner that is aged 55 or over. It is available to anyone who has sufficient equity in their home that will allow for the repayment of any existing mortgage in full. Any remaining equity can then be released to be used as you wish.
An equity release advisor will help you to understand what equity release is and how it may be able to assist you. They will work with you to understand your situation and determine which methods of borrowing money are best given your circumstances.