Equity Release Best Buys
If you are searching for the best buy on an equity release deal, it should be remembered that there are two main types of agreement to choose between. Deciding to opt for equity release is often a life changing decision and you should consult a professional and those close to you before making a final decision.
The two types of equity release are:
- Lifetime mortgage equity release plan – in this type of plan you usually take out a loan on the value of your property that is given to you in a lump sum.
- Home Reversion plan – in this type of plan it is necessary that you sell a percentage of your property, and you may receive payments as either a regular source of income or as lump sum from your financial provider.
In order to find the best buys on an equity release quote, customers are advised to carefully consider the type of plan that they will be best suited to. Financial providers may offer different features and benefits in their plans and it is therefore worth a great deal of consideration before any final decisions are made.
The advantages and disadvantages that are associated with both types of equity release plans can be found below:
Equity Release Pros
- Customers can enjoy the rest of their days with without any financial anxiety.
- Customers will not be expected to leave their homes during their lifetime
Equity Release Cons
- The payment customers may receive might not reflect the current market value of the property, but is calculated by your financial provider.
- The value of the estate is reduced by the amount of equity that is sold to the provider in exchange for the loan.
For more information, guidance and a competetive equity release quote, please follow the link below: