If you want to release some money against the value of your property then equity release schemes can be ideal options for you. At present, many people after retirement opt for equity release to improve their income or make lifestyle purchases. Here we look at the features & minimum specifications of these schemes.
What qualifications are required for equity release?
As equity release schemes are specially designed for retired individuals, you must be over 55 years of age to apply. It is necessary to own a home which is generally worth more than £60,000. This is the minimum acceptable property valuation on any equity release plan in the marketplace & is offered by New Life Mortgages.
All equity release schemes, prior to inception will require the mortgage or any other secured loan upon it to be repaid either before, or at completion. Therefore, it is essential that the mortgage is low or at least below the maximum equity release possible. Thus, if a high mortgage balance exists it may not be possible to complete an equity release scheme. This means that you should have very little or no mortgage at all to enjoy the benefits of equity release schemes.
What benefits are offered by equity release schemes?
One of the best things about these schemes is that they will offer tax-free cash. This means that you can spend the money in different ways. For instance, you can buy a new car, a new home, pay off outstanding debts or go on holiday.
Unlike bank loans, equity release schemes allow you to stay in your home with no monthly repayments and also enjoy the cash. Today, various equity release loans have been introduced, so you can choose the one which suits your needs. However, as always we suggest that you always receive independent financial advice to ensure that the correct scheme is recommended to suit your requirements.
To ensure you receive upto date advice on the best deals & current offers available ring the Equity Release Supermarket team on freephone 0800 678 5159 or email email@example.com with your query.