Equity release schemes are designed in such a way that they allow homeowners to receive tax-free money against the value of their homes. If you are looking for ways to increase your finances then equity release schemes are a good option – if you qualify.
What types of equity release schemes are available today?
Due to different needs, various kinds of equity release schemes have been introduced to the market by lenders. Lifetime mortgages and home reversion plans are the two most popular schemes available. You can choose one of these schemes and enjoy a lump sum amount of money. You can also get a regular monthly income against your home.
How much money you can raise against your home?
The amount of money which you can receive against the value of your home depends on your age, value of home and condition of your property. Additionally, if you are, or have been in poor health then some equity release schemes can offer greater amounts of tax free cash.
How do the lenders get their money?
Once your have applied for equity release then you do not have to worry about the repayments. This is because the lenders will receive money by selling the home after your death or when you move to a care home.
Before opting for an equity release scheme, you have to ensure that the lender recommended is a member of SHIP (Safe Home Income Plan) scheme.
Call 0800 678 5159 if you wish to receive independent advice from the equity release specialists – Equity Release Supermarket.