What Is Equity Release?
One easy way to think about an Equity Release is to consider it to be a “reverse mortgage” where you can take the money and a fixed interest rate is applied to it. The interest is then placed on top of how much is owed on the property and is only paid back in the long term.
You will find that an Equity Release contains two essential guarantees:
- The right to continue living in the property
- The right to avoid negative equity
The second guarantee ensures that the amount which needs to be paid on death will never be greater than the property’s value and that there will never be a debt left to the beneficiaries of the estate.
Get A Quote From An Adviser Now!
The Criteria Required To Obtain An Equity Release
It is best to find a provider that is a member of the Equity Release Council and who will provide you with the highest level of service. There is a need to take each situation on its own merits and finding a bespoke Equity Release plan will ensure you find the solution that is best for your needs. It is important to weigh up what your options are, and this is where we provide you with a high level of service.
If Equity Release is not a suitable solution for your needs, you will be informed of why this is the case and what would be the best option for your needs.