Equity Release and Lifetime Mortgages
If you're facing a pension shortfall or need to meet an unexpected expense, equity release may be an option to consider.
It allows you to unlock some of the wealth you've accumulated in your property without having to move. But before you consider taking this option, there are key aspects of it that you need to know.
When it comes to generating additional cash, some people may feel they have no option but to sell their home and downsize to obtain the money they need. With equity release, you can generate additional cash without incurring the cost and upheaval of moving.
Unlocking the value of your property
A form of equity release, a lifetime mortgage allows homeowners to take a loan out on their home that is only repaid when they pass away or move to a care home, although interest payments can be made to reduce any debt. Importantly, during the mortgage, you still own the property, and there is no threat of repossession (as long as the terms and conditions of the mortgage are met).
The amount of money you can receive is dependent on a number of factors, including your age(s) and how much your property is worth. Some lifetime mortgage providers also take your health and lifestyle into consideration.
At D G Financial Services, we can help you look at your options and establish whether Equity Release or a Lifetime mortgage could be right for you.
Your home may be repossessed if you do not keep up repayments on your mortgage. To understand the features and risks, ask for a personalised illustration.