The Equity Release Mortgage Basics [mortgagerates-tips.blogspot.com]
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mortgagerates-tips.blogspot.com Seniors Release Mortgages and Equity Release
With equity release becoming a much more popular and viable option for people approaching retirement age, many over 55s are beginning to look into the ins and outs of an equity release mortgage. An equity release mortgage is relatively easy to get to grips with and any anxiety can be quickly removed by seeking equity release mortgage advice.
An equity release mortgagecomes in one of two forms: a home reversion plan or a lifetime mortgage.
Lifetime Mortgage
This is a very popular type of equity release mortgage.
There are three different types of lifetime mortgage: interest only; cash lump sum and draw down lifetime mortgage.Home Reversion Plan
A home reversion plan allows you to release a percentage of your property's value in cash. This means a lump cash sum could be released and spent on a dream holiday, home improvements or anything else that you have always wanted to do or have but could never afford.
An equity release mortgage could afford you and your family enough cash to really make a difference to your lives. It could allow you to pay off all of your existing debts or just live life a bit more comfortably.
The money that an equity release mortgage releases is tax free and can be spent on absolutely anything.Providing a SHIPÂ equity release mortgage is selected, you will never owe more than your property is worth and will be able to stay in the home for life.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
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