Equity Release In Manchester

Compare Equity Release Options for Properties in Manchester

If you live in Manchester and are reaching retirement age, you may have some concerns regarding the long term viability of your pension. If this is the case, you may wish to consider an equity release, as it could be used to generate a valuable secondary source of income.

Equity Release Advice 

 

If you are looking for equity release in Manchester, there are two main options to consider:

 

Home reversion plans allow customers to sell a percentage of their property to a provider in exchange for a comparable sum of money. Once you have either passed on or have been moved into care, the home will then be sold, and a portion of the proceeds will go to the reversion company.

 

As is also the case with a lifetime mortgage, you may continue living in your home for as long as you wish, although you may be expected to pay rent in some circumstances, depending on the type of plan.

 

Lifetime mortgages are slightly different, instead of directly selling off a percentage of the property, a secured loan is taken out against the value of your home. Once you pass on, the property is then sold and a portion of the proceeds are given to lender to cover the cost of the loan, plus interest.

 

Customers can continue to live at the property and will not generally be expected to pay any rent, some agreements are also portable, allowing customers to move homes if certain conditions are met.

 

Before searching for a suitable equity release quote in Manchester, it is strongly recommended to carefully consider all the available options, as these decisions can be life changing and are often irreversible. For more information and guidance on these agreements, please follow the link below where a competitive equity release quote will be provided.

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.