Why Equity Release?
Equity release is a way of releasing the wealth tied up in your property without having to sell it and move to another home. You can borrow against the value of your home in exchange for a lump sum and the money is not repaid to the lender until the property is sold on death or entry into Long Term Care.
The new flexible contracts allow you or your family to make voluntary repayments to reduce the effects of interest building up, but this is not compulsory. You can also move house, as long as your new home meets the lender’s criteria. Some plans give you the option to release further cash at a later date, based on your requirements
Equity Release is designed to help customers aged at least 55 who either own their property outright, or have relatively small mortgages.
If you would like to discuss your options, please call The Mortgage Centres and we will be happy to answer any questions you may have.