Equity Release to Buy Another Property
If you have paid off the mortgage on your current property and would like to release some equity to buy another property, you could consider a home reversion deal.
In essence a home reversion plan allows you to sell a percentage of your property to your financial provider in return for a lump sum or a regular income throughout your retirement. The lump sum that comes from the release of equity can be used to buy another property, or at least put down a deposit.
While this plan of action could insure that you acquire a substantial new source of income, but it is worth noting that the value of your current property will be reduced and the payment you receive may not be an accurate reflection of the current market value of your property.
You should follow the link below to get an equity release quote that could be used to buy another property.
The key thing to really bear in mind when discussing the option of equity release is whether the tradeoff between the amount you will receive and what you have given up is both a fair and a productive one.
Of course if you are planning to use the equity release to buy another property you will have to balance your expected rental income or the new mortgage repayments with the reduced value of your current property. Many people would say that it could be a better option for many people simply to sell their current property and move into a smaller property.
Click on the link below to get an equity release quotes.