Equity Release In Norfolk
Compare Equity Release Options for Properties in Norfolk
If you are searching for an equity release in Norfolk, it is important to carefully consider the agreed rates and conditions of a particular offer before accepting it. Equity releases are generally aimed at older people who have paid off their mortgages and are looking for an extra source of income.
Equity releases in Norfolk and other similar areas throughout the UK are generally offered to customers in two different formats. They are:
Home Reversion Schemes
A home reversion scheme allows customers to sell all, or part of their property to a provider in exchange for a lump sum, or regular source of income. Even if the entire home is sold off, the customer may continue to live at the property for the duration of the agreement.
After the policy holder has passed away, the property will then be sold off to cover the cost of repaying the initial loan.
These agreements are slightly different, as customers may take out a loan against the value of their home instead of directly selling a portion of it off. Once they have passed on, or have gone into care, the property will then be sold to cover the cost of the repayment.
There are also several different types of lifetime mortgages available, here are some examples:
- Roll up mortgages, that allow customers to receive their money either in a lump sum, or whenever required. Rolled up interest will not have to be repaid until the home is sold
- Interest only mortgages, that allow customers to only repay the interest on a monthly basis and then the initial loan once the home is sold
- Fixed repayment mortgages, that simply allow customers to pay an agreed (higher) amount at the end of the agreement, without having to worry about repaying interest until later
If you require more information, please see the link below for an equity release quote if you are in Norfolk or the surrounding area.