Equity Release in Glasgow
For people who are property rich but cash poor in Glasgow, equity release policies may prove to be a useful way of generating a secondary source of income. These types of policy are often used by retirees who wish to supplement the income they receive from their pensions, although they can be used for other purposes such as helping to fund the purchase of buy to let properties.
If you are looking for an equity release in Glasgow, please see the link below for a quote on an equity release policy.
Essentially, an equity release is a way of turning your home into a source of income without directly selling it off in the traditional sense or moving out. When searching for an appropriate policy, it is important to remember that equity releases should not be taken lightly, and are often seen as a lifetime commitment.
Depending on the type of policy, the customer may either take out a loan with the property used as security, or they may choose to directly sell a share of the property to a provider in exchange for agreed regular payments or a lump sum.
The main draw of equity releases is that they allow customers to continue to live in the property for the rest of their lives; the property will then be sold after they are gone.
It should be remembered that these policies are not without their drawbacks, the following factors should be taken into consideration:
- The capital that is loaned to the customer in exchange for a share in the property may not reflect the property’s current market value
- Taking out an equity release will typically reduce the value of the policy holders estate, as after they are gone, the provider will take money from the sale of the property to cover the cost of the loan
- The customer may usually be expected to pay for the arrangement, valuation and legal fees that are commonly associated with similar mortgage agreements
If, after the above factor has been considered and you still feel that the best use of your assets will come through unlocking some of the value of your home in Glasgow, equity release quotes can be obtained quickly and simply by following the links on this page.