Equity Loans
Making the Most Out of Your Retirement
Getting an equity release loan is an option available for people who are 55 years of age or above and own their main residence. You will have the money you need for repaying your mortgages and other debts or for additional income by making use of your property’s equity. When we talk of your home’s equity, we are pertaining to the cash value of your home minus the total amount of unpaid mortgage or loan you owe on it. Equity release loan is releasing equity or unlocking the value of your home and using it in any way you want. The sum that you will be getting from your property as equity is tax-free since it is already yours. The advantage of getting an equity release loan is you have the right to stay in your own for the rest of your life or as long as you want to. It also does not require you to make monthly amortizations for the loan. With equity release, payments only start upon the passing away of the planholder.
One of the three main schemes to choose from is the equity release lifetime mortgage. This scheme allows you to release the equity tied up to your property and use it in any way you like. You can take your money through tax-free lump sum or regular income. You can choose which one you may deem fits you best. The scheme guarantees occupancy for life. This means that you can stay in your home for the rest of your life and need not worry of possible eviction. Payment of the mortgage will only be made after your house is sold following your death or when you decide to permanently move out of the said property.
Before making any decisions regarding getting an equity release loan, it is best to seek the advice of experienced and knowledgeable agents. At www.expertequityrelease.co.uk you will get the assistance and guidance from compassionate, supportive and credible professionals. They will only recommend credible and reliable equity release providers. The providers are all SHIP (Safe Home Income Plans) Equity Release members. The people behind Expert Equity Release are qualified and expert in their fields. You are assured that they will explain to you clearly and honestly all the details regarding equity release and its pros and cons. They will make sure that you will be making the most out of your retirement.