Information on property
equity release for the UK
Equity release plans are
also called lifetime mortgages and are a way of releasing cash
that is tied up in your property. These schemes or plans allow
you to borrow money against the value of your property. The
amount borrowed will then be repaid when you pass away with
the sale of your property.
There are a number of different types of property
equity release schemes which offer lump sums and or regular income,
but they all work in roughly the same way. They will lend you
part of the vaule of your property in return for a share of the
proceeds when you pass away.
For most people their home is the biggest asset
they have so equity release turns their home into cash when they
most need it. In most cases you should be at least 60 years old
and have no outstanding mortgage on your property. One of the
big advantages of these scheams is that you can live in your
home until you die or go into long term care.
Before signing up for any scheam it is vital that
you get independent qualified financial advice to ensure you
have the full facts about the scheam.
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