What you need to know about Equity Release
You’ve worked hard for your house over the years so isn’t it time to get your house working for you? Equity release is an increasingly popular option with an average growth rate of 7% per year since 2016.
Equity Release Mortgages have had many talks over the years with myths and presumptions, are they good are they not?
Well, many of these misunderstandings are based on old products which are no longer available. The new lifetime mortgage products offer freedom and flexibility and are suitable for many more people than the old generation of products suited.
Are you over 55 and want to have more flexibility with the money tied up in your house? This product is for you, it enables you to release the equity that’s currently tied up in your property.
An equity release mortgage is available to over 55 year old customers only and differs from a traditional mortgage in a number of ways;
- Capital can be drawn from your existing property
- Take a lump sum to pay for giving an advance on the kid’s inheritance early, enjoy a holiday of a lifetime, or make home improvements.
- You can use Equity Release to aid in purchasing another property
- Supplement your income by arranging a monthly income from the equity stuck in your home
- You don’t need to make repayments to your mortgage
- But you can repay monthly or in lump sums