Equity Release Mortgage Enquiry
- We have teamed up with MCB Financial Services Ltd** who can provide the professional, impartial advice that you need to ensure that you choose the most suitable option for your individual circumstances.
- MCB Financial Services Ltd aim to explain all your options in plain English and guide you through the associated costs.
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Equity Release Information
The term 'Equity Release' is used to refer to a range of financial products that allow you to access the cash (or equity) that is tied up in your home. This option allows individuals over the age of 55 to access an amount of money, either as a lump sum, or in a number of smaller payments.
Both of the two main forms of equity release come with their own pros and cons, but they do mean that you should be able to stay in your home until you pass away or move into long-term care, at which point the property will be sold to clear the loan.
Q: What are the Two Main Types of Equity Release?
A: The two primary types of equity release product are lifetime mortgages, and home reversion plans.
With a lifetime mortgage, a loan is taken out and secured on your property. You receive the amount of that loan usually as a tax-free lump sum, and you are not asked to make any monthly repayments. Instead, the interest "rolls up", and the loan, plus the accrued interest, is repaid when the property has been sold (when you die or have moved into long-term care).
With a home reversion plan, you sell either part, or all of your home in return for a tax-free amount of money, and a guaranteed lifetime lease that has no monthly repayments. The lender regains their percentage share when the property is sold upon your death or move to long-term care.
Q: Am I Eligible for Equity Release Programs?
A: In order to be eligible for an equity release program, you'll need to be a UK homeowner between the ages of 55 and 95.
Q: What are the Pros and Cons of Equity Release?
A: Perhaps the most positive factor in an equity release program is the fact that gain access to a large sum of money. The money that you release through the program can be spent any way you like, without the stress of monthly repayments, and you can remain in your home.
However, if you release equity from your home, then you may not be able to rely on your property for money that you might need later into your retirement. In some cases, the cash accessed from equity release may also affect your benefit entitlements.
Q: How Much Can I Get with an Equity Release?
A: The maximum percentage that you can borrow will be dependent on your age, the value of your home and sometimes your health.
Q: Can I Stay in my Home After Equity Release?
A: Following equity release, you have the right to remain in your property until you die or go into long term care. The property must be your main residence and you abide by the terms and conditions of your contract.
Q: What is the \'No Negative Equity Guarantee?\'
A: The \'No Negative Equity Guarantee\' in equity release programs ensures that when your property is sold and various fees have been paid, the amount left is all that can be used to pay the outstanding loan with your provider.
In other words, even if the leftover money isn't enough to cover the loan, your estate or family will not need to pay additional funds.
Q: Should I Look for ERC Approved Plans?
A: When looking for an equity release solution, it is best to look for providers that are members of the Equity Release Council (ERC), as these individuals follow a strict Code of Conduct designed to ensure your financial safety.