Equity Release in Northern Ireland

Compare Options for Equity Release for Homes in Northern Ireland

Equity releases are becoming ever more popular with people who are reaching retirement age, as they allow them to access an alternative source of income through the value of their homes.

 

If you are searching for a quote on an equity release in Northern Ireland, it is worth remembering that there are two main types available:

 

Lifetime Mortgage
This involves you taking out a loan against the value of your property, which you could either receive as a lump sum or delay payments on deals with a drawdown option. Your house would remain yours until you die or move permanently into a care home.  After this, the property would then be sold to pay off your mortgage.

 

Home reversion scheme
With a home reversion scheme, you would sell all, or a portion, of your property. You would no longer fully own your home but could live there as a tenant until you die or move to a care home.  The property would then be sold, with the reversion company taking their share of the proceeds.

Equity Release Advice 

 

Although they may seem appealing for many eligible people in Northern Ireland, equity releases should be considered carefully, as they are not without some disadvantages. Here are some of their pros and cons.

 

Equity Release Advantages

  • It could free up extra money for you to enjoy your retirement
  • It allows you to continue living in your property for the rest of your life, rather than having to ‘downsize’
  • You could receive either a lump sum or a regular income (by reinvesting)
  • With a lifetime mortgage equity release is portable, meaning that you could move house if you wish.

 

Equity Release Disadvantages

  • Equity release can reduce the value of your estate, meaning less inheritance for your heirs
  • The money that you receive may not fully reflect the market value of your property
  • You may have to pay arrangement fees, legal fees and valuation fees
  • With a home reversion scheme, customers may may be required to pay rent in some circumstances

 

If you would like further information and quotes for equity release deals in Northern Ireland, please click below.

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.