Archive for the ‘Equity release’ tag
Equity Release Mortgages – Are they right for me?
This is an inherently complicated question that I will attempt to simplify. Complicated for two reasons. One, equity release is an umbrella term for a range of equity release mortgages. Two, everyone’s personal situation is different so answering this in the general is an impossible task.
To break it down into good advice:
First, try and understand your needs. Equity release is a great means of retirement planning. It helps to supplement your income at a time when money is both needed and well received.
If you could use some extra cash to help make your retirement more enjoyable for both you and your family, then the chances are equity release or home reversion is definitely for you.
If equity release is right for you, then the rest is simple. Talk to a provider (like us) and they will go through the range of equity release mortgages and help you understand which one is right for you.
Equity release, home reversion and their USA counterparts
Now hopefully if you are reading this page you will definitely have learned what equity release and home reversion means and how it all works. I am currently writing this from New York and so the theme for this excerpt is America.
As with our legal system, our language, our philosophy and most other civilised pillars of every day life, the Americans have taken to equity release and home reversion. The similarities between our cultures are patent for all to see and so it is inevitable when a good product is conceived, be it on either side of the pond, the other might take to it.
This time, counter to the trend of recent years, it is the UK that are the trend setters. Only in the USA, equity release is called a reverse mortgage. So if you come across the term reverse mortgage, know for sure that it means exactly the same as equity release mortgages and home reversion.
Equity release terms do vary so a discussion can never hurt
One thing to remember about equity release is that it is an umbrella term for a number of different financial products. This means that the criteria for applicant’s can vary between the equity release products. So, if you are doubtful that you are suitable for one of the equity release products then it is worthwhile to call us for a discussion anyway to gauge your suitability for equity release in general.
One thing to remember, however, is that equity release is only for those aged 55 or over. This is non-negotiable amongst all respectable providers. If a provider is stating that equity release is available for under 55s then it is likely you are being sold another product with the large potential of being mis-sold an unsuitable scheme.