Equity Release mortgages continue to gain popularity as more and more people tap into the value of their homes. Here are some of the top reasons –
- YOU DON’T WANT TO DOWNSIZE. Many people find themselves to be asset rich but cash poor with the majority of their wealth tied up in their home. Rather than having to sell their home in order to realise some of the value, they would much rather stay put. Equity Release plans allow you to do just that! The mortgage is repayable when you die or move into long term care. Until then, you can enjoy your home but make life easier by access the wealth therein. Having released equity does not then mean you cannot move home. Plans are becoming increasingly more flexible with “downsizing protection” which enables you to repay your Equity Release mortgage in full by downsizing and moving into a cheaper property.
- YOU NEED TO REPAY AN INTEREST ONLY MORTGAGE. If you took out an interest only mortgage years ago and are shortly due to repay the balance but have no funds to do so, Equity Release could be a lifeline for you. Possible benefits of this could be that you remain in your home and no longer have a monthly mortgage payment to make. Bear in mind that Equity Release is not for everyone, as it can affect your entitlement to state benefits and may reduce the value of any inheritance you plan to leave. Please take advice on this with which I would be happy to help with. You can contact me via my website https://www.equityrelease.info/
- YOU WANT TO MAKE HOME IMPROVEMENTS. If you are looking to carry out home improvements – Equity Release could be a way to fund them.
- YOU NEED TO SUPPLEMENT YOUR RETIREMENT INCOME. Low interest rates and steep living costs can make it a real struggle for retirees to make ends meet. Also, the desire to still enjoy life by having holidays, a new car and such like are still there but the means for this are no longer there in retirement as your pension income may not provide the provision for this.
- YOU WANT TO PROVIDE FINANCIAL SUPPORT FOR YOUR FAMILY. Equity Release could help you a “living inheritance” for your family which could help them buy a house, contribute toward costs for school/university fees or general living expenses.
These are just a few reasons why Equity Release is the answer to many peoples prayers.
You should always seek professional advice and a great directory is https://www.vouchedfor.co.uk/ where I too am listed and you can see my clients reviews and thoughts on the services I provided.