Do you want to improve cash flow and live a happy retired life?
If your answer is yes, then equity release schemes could be the perfect solution. With the help of these lifetime mortgages, you can easily unlock cash or equity against the value of your property. Now, the lenders allow applicants to receive a lump sum or regular income. Equity release schemes are regulated by the Financial Service Authority (FSA) & all the schemes our qualified advisers offer are members of SHIP (Safe Home Income Plans).
Conditions required for equity release schemes
If you are planning to apply for equity release then you have to be over 55. There must be no or very little mortgage on your property. Any existing mortgage must be repaid on completion of the new equity release loan.
The value and condition of your property also plays an important role in equity release plans. To qualify for most equity release schemes, the value of your property must be at least £60,000 & be of standard construction.
To fulfill different requirements, two different types of equity release schemes are on offer.
Lifetime mortgages – Under these schemes, you can release money against the value of your property. The repayment is made by selling the property after you die or move to a care home.
Home reversion plans – Unlike lifetime mortgages, these plans allow you to sell all or only a part of your property to lenders. You can also leave the property for your beneficiaries.