EQUITY RELEASE / LIFETIME MORTGAGES

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Equity Release

Age of the youngest homeowner? -- Select -- Under 55 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85   Estimated property value?   Total outstanding mortgage or secured loan on the property?   Approx. amount via equity release: £ Minus outstanding : - £ Potential Cash (May vary based on personal circumstances) £ Equity release is only available if the youngest homeowner is 55 or over. The best option for those under 55 is a remortgage. There is not enough equity available in your property for Equity Release. Your best option is a remortgage. There is not enough equity available in your property for Equity Release. Get equity release advice now

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Equity Release Mortgages provide a way for homeowners to convert the value of their homes into a cash or regular income.

The capital tied up in your home can be released for any purpose. You may wish to use it for home improvements, settle outstanding debts or have that well deserved holiday.

There are two types of Equity Release scheme - Lifetime and Home reversion.

Lifetime Mortgages

With a Lifetime Mortgage you can borrow an amount of money in the form of a mortgage against your home. You can either take the full amount or withdraw it as needed, which helps to minimise the amount of interest you owe.

Once any outstanding mortgage is settled, the money can be used any way you wish. It is similar to a secured loan where the amount you lend is secured against your homes value and can be paid off when the property is sold.

You can continue to live in your home without paying any interest during your lifetime. Compound interest is added to loan capital and paid off when the last surviving partner moves to a nursing home or dies.

Advantages

• With Lifetime Mortgages you own your home and benefit from any increase in value.
• Depending on loan size and length it is still possible to leave equity to the benfectors of your estate.

Disadvantages

• Early repayment charges may apply if you wish to repay the loan early.
• The interest you owe will increase over time although it can be reduced by releasing money gradually.

Home Reversion Schemes

With Home Reversion schemes you sell your home, in whole or in part, to an investment or home reversion company which will provide you with a cash payment or a life time income.

The investment company takes legal ownership of your home with any unsold portions placed in trust. You can then usually remain in your home rent free for the rest of your life.

After your death, the property is sold with the proceeds going to the reversion company and any unsold portion going to your heirs.

Advantages

• You can release fixed proportions at regular intervals if required in the future, should your circumstances change.

Disadvantagaes

• You become a tenant in your home.
• Early repayment charges may apply if you wish to repay the loan early.
• Any increase in your house price only applies to the portion you still own.