Equity release is a way of releasing cash from your home at a time when you need it.
Why choose Equity Release
Equity Release offers a gateway to financial freedom during your retirement, enabling you to transform the value of your home into cash to enhance your lifestyle, fulfil dreams, or simply ease financial pressures.
Equity Release Mortgage Questions and Answers
How do I access my money?
When it comes to selecting an Equity Release product, you’re in the driver’s seat. You can choose to access your funds in bite-sized chunks, take it all in one fell swoop, or mix it up with a bit of both. It’s all about what works best for you!
What is equity release also known as?
Other names for Equity Release include:
- Lifetime Mortgage
- Home Reversion Plan
- Retirement Interest Only Mortgage (RIO)
Each option has distinct features and suitability based on individual circumstances.
Is equity release right for me?
Understanding your financial needs can resemble untangling a ball of yarn, with various elements in play:
- Why you need the funds
- Accessible public support
- Other revenue streams or nest eggs
- Your present health situation
- Legacy planning strategies
As innovative equity release specialists, who value personal connection, we’re on hand to guide you through this journey.
If I take out an Equity Release mortgage do I still own my home?
A Snapshot of Your Options:
- Lifetime Mortgage: Where you keep the keys to your home. The lender holding a legal charge on the property as a safety net for the loan. The repayment? That’s taken care of after you move on to your next adventure or transition into long-term care.
- Home Reversion Plan: A bit of a switcheroo where you trade some or all of your property for the right to stick around on your own terms. You sell the lender a piece of the pie, but you still get to enjoy it!
Can I leave inheritance with an Equity Release plan?
Safeguarding your nest egg for those you hold dear is achievable through inheritance-protected lifetime mortgages.
While tapping into your home’s equity can provide instant financial breathing room, it might influence your estate’s cumulative worth when it’s time to settle the loan and its interest. We’re here to help you build on your financial strategies, with the legacy you envision.
Can I change my lifetime mortgage plan?
Your lifetime mortgage plan isn’t set in stone. If circumstances change, or if you spot a better deal, we’re all for helping you switch things up! There might be costs like Early Repayment Charges or setup fees, but we’re here to walk you through the pros and cons, making sure you’re always in the know.
Can you pay off an Equity Release early?
Keep in mind that these plans are as varied as we are unique!
Some Lifetime Mortgages offer the freedom for full or partial repayments, though watch out for those Early Repayment Charges (ERCs). Home Reversion schemes are a tad more stringent, since the provider owns a slice, or even your entire property.
A chat with an equity release specialist can help you understand your plan’s terms.
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