Equity release is a financial solution that is available for UK residents who are over 55 years of age. It refers to a financial product that releases equity that homeowners have built up in their property.
The amount of equity that can be released from a property is based on the age of the applicant and the property value. Most equity release schemes offer a lump sum to homeowners. However, one can also opt for monthly payments.
Individuals can opt for equity release schemes to fulfil different needs including home improvements and holidays. The money can also serve as a supplement to their current income or can be used to help children or grandchildren to purchase new property.
Who can benefit from equity release schemes?
Equity release lifetime mortgages can offer a financial solution to individuals who are asset rich but cash poor. It can create a huge difference between simply getting by or living and benefiting from old age and retirement.
Advantages of equity release
- No need of making any monthly payments
- You can still live in your property for the rest of your life
- Debt is repaid after the last surviving applicant passes away by selling the property
- No negative equity guarantee ensures that you cannot owe more than your property is worth
If you are over 55, retired and looking for a way to generate additional income, equity release is the best solution.
Contact Equity Release Supermarket’s team of experienced advisers to get the best advice from the range of equity release schemes available. Ring freephone 0800 678 5159 today.