Equity Release mortgages are open to people aged 55 or over, although for some schemes the
minimum age limit increases to 60. The schemes are a way for money to be released from a
property that you own. If you own your own home, whatever the size or location, you can
become eligible for an application for an equity release scheme once you fall into the age bracket. Once you
decide to apply for an equity release mortgage you will be able to get back some of the
money that is currently tied up in your property. The money you receive can be used for
home improvements, holidays, debt repayment or even helping your children to get onto the
property ladder themselves.
The use of equity release mortgages is becoming more popular because of the freedom it gives
people to use the money tied up in their homes without the need to sell them and move out.
with an equity release scheme you can take a proportion of the money in your home and
keep ownership. The money
you receive can come in a large lump sum or if preferred it can be paid out in smaller regular
sums over years. Normally the money you have taken out of your home will not need to be
repaid immediately or even at all while you are alive. Many equity schemes will reclaim the
money once you are no longer living in the home and have gone into care or when you have
Equity Release Cornwall
There has been significant developments in the equity release market with many new lenders offering various equity release products. This is due to there been a increasing demand for equity release as the population ages. There are a lot of people who fall into the asset rich , low income bracket which equity release can assist with providing extra income. There are a lot of aspects to consider when taking out equity release ,it is essential that you receive advice so that you are familiar with the benefits and also the implications for you and your family moving forward. For example it may devalue the amount of your estate on death and reduce the amount of potential inheritance that your beneficiaries will receive however in some instances this may be beneficial if you have a inheritance tax liability.
People choose to use an equity scheme because of the benefits it brings over some of the other options on
the market. Most people are averse to selling their homes once they no longer need the space
or have decided to retire from work. Equity release schemes give you the money, or part of
the money, you would get by downsizing or choosing a cheaper location and allow you to use
it straight away. The chance to keep ownership of your home without repayments and to have
the extra income or cash some is very appealing to many people
At the Mortgage Advice Centre you can get advice on releasing the equity in your home and
also get a better understanding of what sort of schemes are available throughout the UK. With
equity release schemes you have to be careful to find the one that will best suit you and not to
be caught out by hidden costs and you need to be aware of the costs such as recurring interest bills during the scheme. With help from
the Mortgage Advice Centre you can get impartial information regarding all of the information that you and your family will need to consider when
taking equity release. The Mortgage Advice Center are whole of market mortgage advisory so they represent you in finding the most suitable equity
release mortgage on the market .
Just fill out the form on the right hand panel and an Independent Financial Advisor will get in touch with you as soon as possible to advise you on equity release mortgage deals to suit your needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There may be a fee for Mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £300
Contact us for Mortgage Advice On on 01872250190