The Facts About Equity Release
Few of us are lucky enough to have a final salary pension and annuity rates have diminished. Meanwhile we’re living longer and able to stay active into later life. So we need a good income for more years. You may also have seen your children struggling to get on the housing ladder and want to help. Equity release allows you to use some of the wealth tied up in your home to pay for house repairs, a mortgage deposit for your children, holidays or a better quality of later life.
This fact-sheet will help you understand more about equity release and how these products work. But always remember that you have choices. Let The Financial Detectives team help you choose the best product or products based on what’s most important to you. Simply request a call-back by using the form provided.
How Does Equity Release Work?
Lifetime mortgages are interest only loans secured against your home. Any unpaid compounded interest plus the sum advanced are recovered from your estate after you die.
Property reversion schemes are where you are paid a sum of money in return for a share of your property. The amount paid will be less than the market value. The lender gets the same percentage share of your property value (including any appreciation) when you die. The right professional advice will help you choose the most appropriate product and to help you understand the impact it will have on your estate.
If We Are Married Does it Have to be in Joint Names?
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