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Equity Release[1].jpg) Release the potential in your property Many elderly people are trying to exist these days on their state pension and in some cases small occupational pensions, while they are sat in a house worth o lot of money with no mortgage on it. It would seem sensible to release some of this money to improve their standard of living and so Equity Release Mortgages came into being. The Home Equity Release Mortgage allows you to use your house as security for a payment-free loan which can be used in any way you wish. Unlike a conventional mortgage, there is no set repayment date and there are no monthly loan payments to make, instead the monthly interest only payment is added to the loan until you sell the property( or your executors will sort this out after you have died) when the original loan plus the added interest is repaid. At all times the property remains in the ownership of the applicants and any proceed from the sale of the property will go to the clients or to their estate. There are no income requirements for a Home Equity Release Mortgage i.e. you do not have to have an income to apply for this mortgage. Also, the minimum age for applying is 60 and the property must have a value of at least £40,000 The amounts that can be raised depend on the age of the youngest applicant as follows:- 60-66 - 20% of the value of the property as a lump sum 67-71 - 25% of the value of the property as a lump sum 72-76 - 30% 77-79 - 35% 80-84 - 40% 85-88 - 45% 90 and over 5o% This is a safe and secure method of raising money to enhance your standard of living whilst ensuring that the property always stays in your possession and the proceeds of sale will go to you the clients or your estate. for further information regarding any of these products, click here Frequently Asked Questions Q. Do I keep ownership of the property? for further information regarding any of these products, click here |
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