Equity Release lets you use some of the equity in your home to fund a regular income or to take as tax-free cash to spend as you wish. To be eligible you must be over 55 and own your own home. If you still have a mortgage or any secured loans on the property then these must be paid off either before or with the equity release proceeds.
Home Equity Release Plans
Equity Release Schemes are normally one of two types:
- Equity Release Mortgage
- Home Reversion
These equity release schemes work completely differently. A home reversion is where you sell all or part of your home to a reversion company. The equity release mortgage, on the other hand, is a mortgage secured on your property.
There are no monthly repayments to make on either of these equity release plans.
Equity Release Calculator
An equity release calculator can help you get an idea of the amount of money that you can release from your property. They are very simple to use and only require minimal information to get the results. Equity release calculators can be found on the internet and on this site.
Equity Release Mortgages
Equity Release Mortgages are the most popular form of equity release amongst retired people, they are simple to understand and with a fixed interest equity release mortgage you know exactly how much you will have to pay back at anytime.
Equity Release Advice
Equity Release advice from a leading specialist equity release adviser. Nationwide service with free no obligation appointment in the comfort of your own home. Equity Release advice from the whole of market provided by Retirement Solutions a fully independent equity release adviser in the UK.
Equity Release Companies
Ten years ago, there were only a handful of equity release companies, however now there are at least 40 providers operating in the UK. This has given rise to numerous other companies offering advice and market comparison services.
At Retirement Solutions, we pride ourselves on our professional and independent approach to advising you on the best equity release solutions according to your personal circumstances. We’re not biased towards any of the equity release companies out there so you can be sure of the most accurate information.
Equity Release Mortgages
The Equity Release Mortgage, also referred to as a lifetime mortgage means that:-
- You take out a loan secured against the equity in your home.
- Continue to own the home.
- The mortgage is repaid upon sale of your house
Equity release mortgages are the most common type of equity release and offer the advantage of a fixed rate mortgage, meaning you know at all times exactly how much you will pay back.
Home Reversion Equity Release
The second of the two types of Equity Release is the home reversion:-
- You sell all of or a part of your home to a home reversion scheme provider.
- You will get either a cash lump sum or a monthly income (or both) in exchange.
- You continue to live in the home either until you die or until you move into care, at which stage the provider sells the home to recoup their money.
There are, of course, advantages and disadvantages of both types. At Retirement Solutions, we’re committed to providing independent financial advice to help you to make the best decision.
