If you are 55 or over and experiencing financial problems then equity release schemes might be the solution for you. To qualify for equity release, you have to own a home and have little or no mortgage. The main aim of equity release schemes is to provide money against the value of your property. One of the main advantages about equity release is that it allows you to continue living in your home.
Other benefits of all equity release schemes that Equity Release Supermarket recommend are:-
- No Negative equity guarantee
- Equity release schemes should always offer a ‘no negative equity guarantee‘. This feature is included at no extra cost by the lender. All equity release plans we recommend are members of SHIP (Safe Home Income Plans) therefore the no negative equity guarantee will always be offered by ourselves.
- The guarantee means that your debt can never be greater than the value of your property. Therefore, worst case scenario would be that on eventual sale of the property, if the equity release has surpassed the value of the house, then the lender can only request the sale price of the house, & no more.
- This ensures that you can never pass a debt onto your children, which gives much peace of mind to equity release planholders.
No restriction on how you spend the funds
You have the ability to spend the equity release monies on whatever fulfills your financial requirements.
Today, different types of equity release schemes have been introduced by lenders. Some of these schemes allow you to borrow 100% of the equity in your home which an provide substantial funds to spend your money on.
As the equity release money is tax-free, you can use it in different ways such as:
- Home improvements
- Pay off outstanding debts including mortgages
- Gifts to children
- New car
- Lifestyle changes
If you want to know how much equity you can release against your home then use Equity Release Supermarket’s online calculator.
Alternatively you can find one of their specialist independent financial advisers who will guide you through the process by clicking here.