Equity Release In Kent

Equity Release Options for Property Owners in Kent

If you are nearing retirement age, you may be thinking about how to supplement your income to ensure that you make the most out of your retirement.

 

For many people in Kent, an equity release could be an appropriate option for those who wish to raise funds for their retirement years. Using this agreement, equity that is stored in your property can be ‘unlocked’ and used as a secondary source of income, or converted into a cash lump sum. 

Equity Release Advice 

 

If you are searching for an equity release quote, there are two sorts of policy available. The following is a brief explanation of each type:

 

Lifetime Mortgages
This involves you taking out a loan against the value of your property. You would remain the owner of your house up until you either die or move in to a care home permanently.  After this, your house would then be sold and the loan would be paid off with the proceeds.

 

Home Reversion Schemes
These agreements involve you selling a portion, or all of, your property to a reversion company. You would therefore no longer own the house outright, but would be allowed to live there as a tenant up until your death or until you move in to a care home. You could be required to pay rent to the reversion company, but this may not always be necessary. Upon your death or your moving to a care home, the property would be sold, with the reversion scheme taking their share of the sale price.

 

There are many different types of equity release deals that could be available to you, subject to your individual requirements. It is therefore strongly advisable that, if you are interested in equity release in Kent, you carefully consider a number of the options available to you, as equity release schemes tend to be irreversible.

 

If you have a property in Kent we could help you to locate the most competitive equity release quotes. Please see below for further information on this.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.