Home Equity Release
Home equity
Home equity is the market value of the difference between your home's market value and the outstanding balance of any mortgages or loans secured on your property.
What are home equity release plans?
Home equity release schemes are schemes which have developed to help homeowners aged 55+ release some the equity in their home (defined as the difference between the market value of the property minus any mortgage or other loan secured on it) in the form of a lump sum, cash reserve to drawdown over time, or income.
Such equity release schemes therefore, can help you improve your financial situation without the need to move or make monthly repayments (unless you want), but still allows you to remain living in your property for the rest of your life.
Types of home equity release
There are two different types of home equity release schemes. They are known as lifetime mortgages and home reversion schemes. For further information on either, please click on either lifetime mortgages or home reversion plans.
Are home equity release plans right for you?
This will depend on many factors including whether or not you would be willing to downsize and even if you are, whether your current property is worth enough to allow you to move and release sufficient money. It will also depend on your attitude towards using the equity in your property for your own benefit rather than leaving it all for children or other beneficiaries, and whether or not you are eligible for state benefits.
Before entering into any home equity release scheme, we would strongly recommend that you should seek professional advice from a specialist adviser such as ourselves as we will be able to help you assess whether it is right for you and if not we will tell you.
Getting home equity release advice
If you would like to benefit from a free initial home consultation so that you can discuss your plans with our professional equity release adviser, simply complete our online enquiry form and we will call you back as soon as possible to discuss a suitable appointment. Alternatively please call us on FREEPHONE 0800 970 4883.
We can assure you that your call will always be treated in the strictest confidence and be dealt with in a friendly, efficient manner at all times.
"Equity release" includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.