Equity Release Advisers
Equity release is a method of freeing up money from your property that you may wish to make use of during your retirement years.
There are a number of specialist equity release advisers that could help you with your search for a suitable plan, and it may be useful to speak to a professional before searching for a suitable equity release quote.
If you are interested in equity release, you may like to consider the two main options:
- When taking out a lifetime mortgage, you would take a loan against your property
- This could be in a lump sum, or you may have the option to defer payments
- You would own your property until your death or until you move permanently into a care home
- After this, your home would be sold by your lifetime mortgage provider and the proceeds of this would be used to pay off your loan.
Home reversion scheme
- This would involve you selling all or a part of your home to a reversion company
- You would receive a lump sum and could have the option to reinvest this to receive regular payments
- Your home would not be fully owned by you, though you could continue to live there as a tenant until your death
- You may be required to pay rent to the provider, but this may not be necessary
- The property would be sold by the reversion company after your death or moving into a care home
- Your estate would receive the proceeds of this sale less the reversion company’s share.
If you would like to speak to an equity release adviser for information, or are looking for an equity release quote, please click below and fill in our enquiry form.