Equity Release Mortgages : A Short Guide
The value of your home minus any outstanding mortgage on it can be described as your ‘equity’. If you want access to some, or all, of your equity, then you can you make use of an equity release plan. If you go ahead with an equity release mortgage then you receive a tax-free cash lump sum or extra income, which you can spend in any way that you choose (home improvements, vacations, paying off debts, help family, etc.). As you are not actually selling your home, then you can continue to live in it. The most popular type of equity release plan is a lifetime mortgage. With a lifetime mortgage, you receive a lump sum of up to 50% of the value of your property. Instead of a lump sum, you can opt to have the money paid to you on a monthly basis if you prefer. You do not have to pay back any money at all whilst you are alive. The lender gets their money back only after your death, at which point the house must be sold. The amount of money that you will receive is dependent on your age, the value of your home and the amount left to pay on your existing mortgage. An online equity release calculator is a way to get a good estimate – they are free and easy to use. {Just enter in some general details about yourself and it will give you an estimate based on how much people in similar circumstances to yourself have received in the past.} Lots of people benefit from releasing some of the equity in their home, but it is not the right decision for everyone. You should therefore seek independent advice before making a final decision. Reputable equity release companies will offer a free initial no-obligation consultation. They will assess your specific circumstances and advise which, if any, equity release plan is best for you. You do not need to give your equity release advisor an immediate decision. If you do decide to proceed, then simply contact them and tell them so. They will take care of all of all the paperwork for you and will keep you updated as to what is happening at any given time.
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