If you are a homeowner, one of the concepts you might be interested in
learning about is equity release. This is a concept where the equity of your
home is liquidated, which then provides you with a regular income or a lump sum
of money that you can use for other projects you have. This can therefore be
considered to be an alternative to having to get a typical re-mortgage on the
home.
Who Benefits From This?
In most instances, it is people who own their own homes and are over the age
of 55 who can access this product. At this age, one may not have other sources
of income, and may even have retired. In such cases, using the equity release
can be a good way of getting the extra funding they need. The amount that one
can get from this often depends on a number of factors, including the value of
the home in question.
What to Do If You Want To Take Advantage of It
If you are interested in getting the equity release, it’s important that you
first get some mortgage advice first. This will give you a clear idea of issues
such as what commitments you will be obliged to fulfil once you sign up for such
a product. In addition to that, you will be given an overview of what to expect
of the process once you start it. You will then be in a better position to
figure out whether applying for such a product is worth it or not. Remember,
though using equity release can be very helpful to a large number of eligible
individuals, there are a few cases where it might not be wise.
In summary, if you own your home and are interested in gaining access in the
equity it has, using this product is one of the ways of going about it.
You can contact our team directly on 01332 257 087 .
Labels: equity release, mortgage advice, mortgages, repossession
