Equity Release in Essex
If you are considering an equity release in Essex, it is important to remember that an agreement of this type is usually a lifetime commitment, and customers should therefore carefully consider the benefits and drawbacks of a proposed equity release policy before committing to it on a long term basis.
Equity Releases essentially allow customers to free up equity that is stored in their property, and use it for any purpose they wish. This money could be used to supplement the policy holder’s pension to cover the cost of their living expenses, the cost medical care, or it could even be used to pay for a one off holiday.
Please see the link below for an equity release quote if you are in Essex or the surrounding area.
The equity releases deals in Essex are generally marketed at older people who are no longer employed and who have paid off the mortgage on their house. Customers who are wealth tied up in their property, but may be concerned about the long term viability of their pension may be perfectly suited to an equity release.
Once a policy has been taken out and the customer receives their money, they will not generally be expected to leave their home, and the payment for the loan will be taken out of any money that is made from the sale of the property.
Although this may seem like a highly beneficial agreement for many customers, it is important to remember that taking out an equity release could drastically affect how much money beneficiaries will receive after the policyholder has passed on.
Broadly speaking, there are two main types of equity release plan available to customers. They are:
- Lifetime Mortgages
- Home Reversion Plans
Lifetime mortgages allow customers to take out a loan that is secured against the value of their home, whereas a home reversion plan will involve selling a portion of the property in exchange for the loan.