What is Equity Release? How does it work?
March 14th, 2016
Equity release is a way of getting cash from the value of your home without having to move out of it.
The value or equity you have in your home is its open market value less any mortgage or other debt held against it.
Although the value of houses has risen over the years, selling up or moving somewhere cheaper to raise extra funds may not be for everyone and this is where Equity Release schemes can help.
Key points about Equity Release:
- You need to be over 55 and own your own home.
- You can get a cash lump sum, with or without a drawdown facility to use as you wish.
- Continue to live in your own home.
- Continue to be responsible for maintaining your home. Popular reasons for Equity Release:
- How will Equity Release benefit me? For many home owners, owning a property means that you may have a significant sum tied up in your home, but at the same time, you may find you just don’t have enough income to enjoy the sort of retirement you had planned. Equity release can provide disposable income to allow you to enjoy a more comfortable retirement and maybe even fulfil some of your long-held dreams or ambitions.
- Improving or maintaining your lifestyle.
- Clearing your mortgage.
- Financial help for a family member.
- Moving to a large property or a more expensive area.
- Home or garden improvements.
- Buying a new car.
- Paying off debts.
- For regular holidays and short breaks.
- Avoiding inheritance tax.
- Financial security and peace of mind. We provide a fast and friendly hassle free service. We are located centrally in Cambridge with customer parking. Home visits are also possible in Cambridge and the surrounding villages. If you live further afield it’s worth noting that everything can be conducted over the phone. Why not call us now to discuss your requirements and request a quotation, or let us call you by requesting a call back. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. A fee of £795 is charged for our services, payable upon completion of your mortgage. We will also be paid commission from the provider.