At Endeavour Mortgages, we understand that as you get older, you might benefit from access to the money tied up in the bricks and mortar of your home. If you’re aged 55 or older, then our expert team can provide you with a number of options to release cash from your home, including receiving a lump sum to spend when you want, an amount divided into several smaller sums or a combination of the two. With equity release, there are no monthly repayments as both the loan and interest are usually repaid only on death or sale of the property.
The two main types of equity release available are lifetime mortgage and home reversion.
The most commonly chosen option is lifetime mortgage. With this kind of equity release, you retain ownership of your property while taking out a mortgage secured against it. You can set aside some of your home’s value as inheritance and opt to either make repayments or let any interest roll up. Any interest accrued, plus the loan amount, is paid back in full when you move into long-term care or pass away.
With a home reversion option, you sell either all or part of your property in return for either regular payments or a single lump sum. You retain the right to live at the property rent free until you die, but you have to insure and maintain it during this time. As with a lifetime mortgage, you can set aside funds from the property’s value for inheritance or your own use. When your plan ends, your property will be sold and the proceeds from the sale shared out according to the various proportions of ownership.
Our professional advisors are ready to offer you the qualified guidance you need every step of the way, and will keep the process simple and straightforward. Together, we’ll assess your needs and discuss and explore the potential of releasing equity in cash from your home.
Contact us today for your initial free consultation.