Equity Release WarwickshireEquity release allows you to unlock all the money tied up in your home tax-free, without the need to sell your property.
Lifetime mortgages are the most popular type of equity release plan, there is no fixed end date. Instead, the plan is only due for repayment once the last homeowner on the deeds either dies or enters long-term care.
Interest is charged on the cash amount released, with interest rates typically fixed for life. If you do not choose to make repayments over the course of the loan, then the amount borrowed, plus interest, is simply repaid at the end of the term. This is usually through the sale of the property.
Equity release schemes can be beneficial but are not suitable for everyone. It is important to understand the risks and to understand the cost, the level of flexibility (if you want to move home) and the possible impact on future state benefits.
If your heart is set on staying in your home for as long as you can and downsizing really isn’t for you, then this is where equity release may be the answer you are looking for.
What Could Equity Release Offer You?
Equity Release may involve a lifetime mortgage or home reversion plan which will be secured against your property. In order to understand the features and risks of this product, please ask for a personalised illustration.