Equity Release Advice
Equity release can allow cash poor but property rich people to free up some much needed capital that is stored in their property. Seeking professional advice on equity release is also a great way to determine whether or not such a move will be a viable option, as it should be considered an important, life changing decision.
There are two types of equity release and they are known as:
- Home Reversion equity release plan – you can sell a percentage of your property to your financial provider and receive payments either as a lump sum or regular income.
- Lifetime mortgage equity release plan – you can take out a loan on the value of your property usually in the form of a lump sum.
These agreements are generally intended for people who have repaid the entirety of their mortgage loan. What with reductions in annuity plans and the rising cost of living, it is now more important than ever to be savvy with your finances. You may wish to seek financial advice about equity release to see if it is a good option for you.
It is also important to remember that there are advantages and disadvantages that apply to both types of equity release plan, before searching for an equity release quote, customers should consider taking advice - pros and cons can be summarised as follows:
- You are free to enjoy your retirement without worrying about money
- You can continue to live in your property until you pass away or enter a long term care home facility.
- The value of your estate is reduced by the amount you take out in equity
- The payment you receive may not reflect the current market value of your property
If you are searching for a suitable provider, Please follow the link below for more information and advice on equity release plans: