Equity Release Middlesbrough
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Equity Release
Individuals aged 55 and over can use equity release to borrow money against their home without having to make monthly payments.
Your ‘equity’ is defined as the value of your home excluding any outstanding mortgage.
An equity release plan enables you to obtain additional funds without having to move.
To qualify for an equity release scheme, you must be a homeowner aged 55 or older, or both owners must be over 55 if the property is jointly owned.
There are no repayments required with certain equity release plans, and with a lifetime mortgage, you retain ownership of your home.
All plans include a ‘no-negative equity guarantee,’ which ensures that you will never leave debt to loved ones, and some plans include an option to ensure an inheritance.
Equity release is classified into two types: lifetime mortgages and home reversion plans.
Both of these are regulated by the Financial Conduct Authority. By using an equity release product, a home owner can draw a lump sum or regular smaller sums from the value of their home, while remaining in their home.
Are you over 55 and looking to free up funds?
Equity release allows you to access some of the value tied up in your home and turn it into tax-free cash to use however you want, such as:
- To free up funds in retirement
- Gifting an early inheritance
- Pay for holidays
- Boost Income
- Pay of an existing mortgage
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