Securing your Equity Release
As you get older, there comes a time where paying off your mortgage is so second nature, you don’t even remember that the payment is there. However, if you’re over the age of 55, you could be entitled to release a cash lump sum from your property that could really liven up your bank account without all the unwanted hassle of moving home. Whether you’re looking to pay off long-standing debts, help a family member, renovate your home or start ticking luxurious holidays off your bucket list, releasing equity from your home in Essex could be the perfect solution to you.
What are you looking to do?
Get a Lifetime Mortgage
A lifetime mortgage is available to you if you are aged 55 and over, and the amount you can receive is based upon the market value of your property, your health and your age- to name just a few. The amount you receive from your loan is completely tax-free, and you are free to do whatever you want with the funds.
The good news is that your home is still your home, you’ve just essentially borrowed funds against it in order to secure it. However, if you did look to move house in the future, you would be able to transfer your plan across to another suitable home for you and your family. The extra good news is that these loans come with a ‘no negative equity guarantee’, so you will not need to worry about your family members/beneficiaries in the future.Close
Get a Home Reversion
A home reversion loan is also a great way to make the most of your assets, where the plan allows you to sell all or part of your home (at a slightly lower than market value rate), and receive a tax-free lump sum, or a regular income of payments. But that’s not all - you are also able to live in your home rent-free, or at a very low rate, for the rest of your life.
You are usually able to sell anything from 20% to 100% of your property in return for your loan amount, and you are liable for the upkeep and general maintenance of the property while you continue to live there.Close
Questions about Equity Release
The equity release process is never straight forward, so don’t worry if you still have some questions to ask. Take a look at our handy FAQ’s, and if you can’t find what you’re looking for, give us a call today.
Unfortunately, home reversion mortgages are only available to you if you are aged 65 and over. However, no matter your age, there could be other ways in which you could receive funds from your home, so give us a call today and see how we could help you.
Not entirely, but it’s important to remember that the lender is offering a lump sum against the value of your home, so they will be interested in finding out more about the age of the property, and perhaps they way in which it was built. Properties that may struggle to receive equity release include: Houseboats, Guesthouses/B&Bs and Farms.
After you have signed the necessary documents, it usually takes between 1-2 weeks to receive your money from your solicitor. Please bear in mind that this could be subject to change depending on your specific plan, and it’s always best to get advice tailored to you and your situation.
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Get your Equity Release
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