How does Equity Release work?
If you are over 55 and are still making monthly mortgage payments, releasing equity in your home may be the answer to your financial concerns. Releasing Equity will allow you to become repayment mortgage free, meaning you can reduce your monthly outgoings and free up cash for more rewarding things.
Equity Release is a safe and effective way to access the wealth built up in your property and comes with many in built guarantees to ensure you have made the right financial decision and get the best deal for you and your family. You will not incur any tax on the money you withdraw from your property and depending on the plan you choose, you will not have to make any monthly payments unless you wish to do so.
The most popular type of equity release is a called a Lifetime Mortgage. With a Lifetime Mortgage, you can withdraw a percentage of the property value from your home. You remain the full owner of your property, you’ve just borrowed against it.
If you want to repay the full amount you can do, but in some cases there may be an additional charge to do this but there are some plans available that allow you to make a partial repayment with no charge for doing so.
Variable and fixed interest rate Lifetime Mortgages are available, with the fixed rate you will ensure you know exactly what you will be charged but sometimes flexible rates offer a lower initial rate, your specialist Equity Release adviser will be able to discuss what is the best option for you.
When you book an appointment with Responsible Equity Release, we will arrange for one of our qualified local advisers to come to your home and explain all of the different types of equity release plans available to you. This is a free consultation and you are under no obligation to proceed.
To speak to an equity release specialist to find out more call Freephone 0800 652 2955