If you already have an equity release scheme and you could do with some extra money to pay for something special like a holiday or maybe to complete some home improvements then consider a further advance on your existing scheme.
A further advance on your existing equity release plan could be simpler than you think.
How does an equity release further advance work?
A further advance would be a simple application form to your existing equity release lender and provided that your new loan is within the loan to value (LTV) criteria for your age should be processed in a few weeks. An example is below:
Mr & Mrs J had an equity release plan of £20,000 on their property that is worth £300,000. They are both age 68 and would like to go on a cruise down the Nile before they are too old to do it. A cruise down the Nile in egypt and see the pyramids is something they have always wanted to do. They feel £10,000 would enable them to have a really special time. They approach their equity release lender who agree that they can borrow the additional £10,000. One thing their lender does point out to them is that they should seek equity release advice from an independent financial adviser, something they had not thought about so they contacted the adviser that arranged the initial equity release arrangement.
Within two weeks Mr & Mrs J had the £10,000 in their bank account and excitedly arranged the holiday.
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