One easy 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
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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.
There are certain criteria you need to meet to obtain an equity release
The amount of money that can be borrowed on an equity release will depend on the value of the property, with the minimum level being £70,000 and the age of the youngest borrower, the minimum age of the youngest borrower has to be at least 55. Given that many providers do not have an upper age limit, this is an opportunity for people of all ages to benefit from this scheme.
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, we will inform you of why this is the case and what would be the best option for your needs.