If you are 55 years or older, you are eligible for equity release. Now, it is important for you to know exactly what equity release is before you dive headfirst into it, because it can be a pretty expensive way to get cash if you aren’t careful. Essentially, equity release is a way of taking money out of your home. This can be done in the form of a mortgage or scheme. Both are good ways to make cash, provided to you as loans, in a home where you plan to stay put. Once you pass away, the loan will be paid off when the house sells to a new family.
Why Getting Help from an Equity Release Company Will Benefit You in the Long Run
Companies such as Responsible Equity Release are geared toward providing you with all of their knowledge on releasing equity from your home without eventually hurting either your bank account or your family’s. The service is brought to you from the comfort of your home, where an expert advisor can help you go through the pros and cons of individual equity release plans. Equity release isn’t something you should wake up one morning and just do. It is something that you should take time to think about, and your advisor can help you get away from harmful scams.
The Ones Providing the Money
Obviously, the loan from your home is coming from somewhere, but where is somewhere exactly? Equity providers are people that have essentially decided to invest in your home. They give you money so that eventually they can make more money off of it. Going with the correct equity provider will be your only way to ensure you don’t break the bank. It is just another reason why hiring an equity release company of helpful advisors is a really good idea.
You Need to Match Requirements
Being 55 isn’t the only qualification to receive equity release from your own. The house also needs to be your permanent main residence, which you ought to have lived in for over 6 months of the year; the house must be in your name; and the house will need to be worth at least $70,000. Without these requirements, it is highly unlikely an equity provider will work with you. There is also an age cap at 95. So, if you do meet all the requirements, it is better to plan on committing to equity release earlier on to get the most cash out of it.
Overall, the best advice anyone can give you on equity release is to have help. Your home is your home. It is one of the most important pieces of property you will ever own, and the last thing you need is some loan shark trying to take it away. So do yourself a favour, and hire an advisor for equity release. There are enough companies out there specialising in exactly that, so you shouldn’t need to worry.