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- Equity release can be an effective solution for homeowners who have significant equity in their homes but are cash-poor. It’s particularly attractive for older individuals who want to supplement their pensions or fund their lifestyle in retirement without having to move or downsize. But, it’s crucial to carefully consider all the implications.
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Should you use equity release?
What is equity release?
What are the benefits of home equity release?
Should you consider an equity release scheme?
Are equity release mortgages right for You?
What does an equity release provider do?
Equity release is a way to unlock the value of your property and turn it into cash. You can do this via a number of policies which let you access – or 'release' – the equity (cash) tied up in your home, if you're 55+. You don't need to have fully paid off your mortgage to do this.
- What Is Equity Release?
- How Does Equity Release Work?
- What Are The Benefits of Equity Release?
- What Are The Risks and Pitfalls of Equity Release?
- Am I Protected When Using Equity Release?
- Is Equity Release A Good Idea For Me?
- Could You Lose Your Home with An Equity Release Plan?
- When Can I Use Equity Release?
- How Do I Set Up Equity Release?
- Six Equity Release Tips
Your equity is the total market value of your home, minus any mortgage you haven’t yet paid off. In short, it’s the sum you’d walk away with if you sold the home for cash. But if you don’t want to sell your home, you may still be able to access a large portion of this money. If you have paid off most or all of your existing mortgage, you can consid...
An equity release providerwill provide you with either a lump sum or an income in exchange for part of the value of your home. This is done by using a type of mortgage, or by selling that portion of your home on the condition that you can continue to live there as long as you wish. Read on to find out more about these different types of equity rele...
The obvious advantage of equity release is that it gives you money to spend now, rather than leaving it locked away in your home. The lengthy rise in UK house prices means that a large proportion of homeowners’ wealth is in their property, and inaccessible. If your home has increased in value over the years, equity release allows you to access some...
The main disadvantage of equity release is that it does not pay you the full market value for your home. You will receive far less money than you would from selling the propertyon the open market, but, in that situation, you would still have to find somewhere else to live. Another downside of equity release is that it will reduce the amount of inhe...
The Equity Release Council (ERC) was set up to protect people from losing out on these schemes. Any equity release company that features the ERC logo must ensure you can still live in your home until you die or move into permanent care. They must also ensure you will never owe them more than the total sale price of your home, even if its value drop...
Whether equity release is right for you or not will depend on your circumstances. Some reasons to consider it include: 1. Your other savings and/or sources of income is not enough to meet your retirementneeds. 2. You don’t want to (or can’t) downsize. 3. You don’t mind reducing your family’s inheritance(or you have no beneficiaries). 4. An independ...
If you’re considering equity release, make sure you use an ERC member. The ERC has a ‘no negative equity guarantee’ so the amount you borrow against the value of your home, plus any rolled up interest, will never go above the value of your home when it is sold. According to the ERC, it’s rare for a lender to take possession of a property under an e...
The minimum agefor taking out a lifetime mortgage is usually 55, while he minimum age for a home reversion scheme is usually 60 or 65.
A financial adviser or mortgage broker can help you decide whether an equity release scheme is appropriate or whether you should consider other options, such as downsizing instead. Learn more: Equity release or downsizing: Which one is right for me? They can also find the best choice for you from the whole of the market and set it up. As an extra s...
1. Take advice first
Consult an independent financial adviser or mortgage broker that specialises in equity release. They can give you advice on whether it is the best option for you, and find you the best deal if so.
2. Use an accredited provider
Make sure the provider you use belongs to the ERC, so you are protected from risks like negative equity.
3. Choose the right form of equity release for you and your family
Whether a lifetime mortgage or a home reversion scheme is best for you will depend on many circumstances, such as how much you hope to leave your family as an inheritance. An adviser can offer vital advice.
Mar 6, 2024 · Equity release is a financial solution that allows retirees to unlock the value tied up in their properties without having to sell or move out. However, like any financial product, equity release comes with both benefits and risks.
Aug 23, 2023 · Equity release is a financial solution that allows homeowners, usually over the age of 55, to access the wealth (or ‘equity’) tied up in their property. This allows you to keep your home and get a lump sum, regular payments, or both, based on the value of your property.
Equity release is a way for over-55s to access some of the money in their home, while continuing to live there. If you're looking to address a pension shortfall, or want to make home improvements, it can appear attractive. It promises money in your pocket with no monthly repayments.
Apr 26, 2024 · An increasing number of homeowners aged over 55 are considering equity release to access a large lump sum, top up their pension, or even fund renovations for their home. But what is equity release, and who are the best providers currently?
Sep 20, 2024 · Equity release is a financial solution for older homeowners allowing you to borrow against your property’s value, ensuring you remain in your home until you pass away or need long-term care, providing all the terms and conditions of the contract are met.
