Equity Release Best Deals
Getting an equity release on your property may provide you with a either a cash lump sum, or a regular source of income that may be highly useful in certain circumstances. Customers essentially exchange a portion of their property for a loan, in exchange, the property will eventually be sold off by the mortgage provider after the customer has gone.
Customers are also be able to remain in their home, although this is may be subject to certain terms and conditions depending on the type of deal that is selected. After the policyholder has passed away, their property will then be sold, and the insurance company will receive an appropriate sum depending on the size of the loan, plus interest.
In order to find the best deal on an equity release quote, it should be remembered that the best equity release deal for one person may not necessarily be suitable for another, as such, it is important to consider exactly which type of deal will be best suited to your individual requirements. They are:
Home Reversion Plans
A home reversion plan allows the policy holder to sell a portion of their home in exchange for a cash free lump sum or regular income source of income that can be used to top up their pension. Customers can continue to live in their property, and may still receive the financial benefits of any increase in value if they still own any part of the property.
It should be remembered however that customers may be expected to pay rent on the property if they decide on a home reversion equity release. Family of the deceased will also receive a smaller portion of their estate after they gone, depending on how much of it was sold to the provider.
Using a lifetime mortgage agreement, customers instead take out a loan on their property rather than directly selling a portion of it to the provider. After they are gone however, the property is still sold off, but customers will not be expected to pay any rent while living there.
Please follow the link below for more information, advice and a quote on an equity release policy: