Equity Release allows you to access the cash (or equity) that is tied up in your home tax-free without needing to move from the property or downsize. There are a variety of plans available and it is becoming increasingly popular as a result of the financial freedom these plans offer. There is generally no monthly repayments and you won’t need to pay back the loan until you pass away or move.
How much equity can I release?
There are a number of factors that will affect how much equity you could potentially release, listed are a few factors. The first is the age of the youngest homeowner. The second is the value of the property. The third current health.
Will I owe more than my home is worth?
No. Equity Release plans provide peace of mind and providers will offer a ‘no negative equity guarantee’. This means that you will never owe more that the value of your home, regardless of what happens to house prices.
Will I still own my home?
The most popular equity release plan is a lifetime mortgage, and this plan allows you to still own your home. You will own your home until you pass away or until you decide to move into a long-term care home.