Equity Release Mortgages
Two Types of Equity Release Mortgage Schemes...
- LIFETIME MORTGAGE - This scheme involves a mortgage secured on your home without having an expiry date, normally at a fixed rate of interest for your peace of mind. You can choose to pay the interest each month or 'roll up' the interest. The mortgage is then repaid when your house is sold or you move into long term care or pass away.
- HOME REVERSION - This plan enables you to sell all or part of your home to a reversion company or an individual. You would no longer own your home (or only own a part of it), but you could continue to live there as a tenant of the reversion company or the individual purchaser. The home would be sold when you die or move out of it. (WE ARE NOT AUTHORISED TO ADVISE ON HOME REVERSION, BUT IF YOU THINK IT SUITS YOU, WE CAN REFER YOU TO ANOTHER BROKER WHO IS AUTHORISED IN HOME REVERSION SCHEMES)
REASONS FOR EQUITY RELEASE:
- Poor pension income, raise lump sum or income, though could affect benefits.
- Re-mortgage/repay debt to stop monthly payments.
- Delay downsizing or wanting to stay in family home.
- Helping family or releasing inheritance early.
- Maintaining standard of living.
- Power of attorney cases – maintain long term care.
- Winding up a business.
- Minimizing inheritance tax liability.
If your scenario doesnt fit any of these, then dont worry, just give us a call and tell us what it is your looking to do and we can give you an idea of whether its feasible or not.