Equity Release In Manchester
Compare Equity Release Options for Properties in Manchester
If you live in Manchester and are reaching retirement age, you may have some concerns regarding the long term viability of your pension. If this is the case, you may wish to consider an equity release, as it could be used to generate a valuable secondary source of income.
If you are looking for equity release in Manchester, there are two main options to consider:
Home reversion plans allow customers to sell a percentage of their property to a provider in exchange for a comparable sum of money. Once you have either passed on or have been moved into care, the home will then be sold, and a portion of the proceeds will go to the reversion company.
As is also the case with a lifetime mortgage, you may continue living in your home for as long as you wish, although you may be expected to pay rent in some circumstances, depending on the type of plan.
Lifetime mortgages are slightly different, instead of directly selling off a percentage of the property, a secured loan is taken out against the value of your home. Once you pass on, the property is then sold and a portion of the proceeds are given to lender to cover the cost of the loan, plus interest.
Customers can continue to live at the property and will not generally be expected to pay any rent, some agreements are also portable, allowing customers to move homes if certain conditions are met.
Before searching for a suitable equity release quote in Manchester, it is strongly recommended to carefully consider all the available options, as these decisions can be life changing and are often irreversible. For more information and guidance on these agreements, please follow the link below where a competitive equity release quote will be provided.