Equity Release
A home owner aged over 55?
Approaching retirement, assets tied up in your property?
You can use the funds for almost any reason. Also, something called a negative equity guarantee protects you in the event of a downturn in the housing market.
How Equity Release works
Firstly, the money (equity) you release can be paid to you in a tax-free lump sum.
You can also take the funds as a draw-down, which is payable monthly. You are not obliged to make monthly payments and the interest can be rolled up and paid at the end of the term. Alternatively, if your income allows and you can afford monthly payments you may wish to pay the interest only. With this latter option, the amount you can borrow will reflect this.
Home reversion allows you to sell your home to a home reversion company who grant a lifetime lease. Although this option can enable you to raise more money, be aware that the property no longer belongs to you and can’t be left to your family. You may be able, however, to establish a percentage home reversion, which makes a part legacy possible.
Is equity release right for you?
If so, which plan should you choose?
As you can see, the options available reflect a variety of needs and requirements. The wrong choice may impact your financial security, therefore it’s essential that you seek expert advice.
Venture Mortgage Management has access to a comprehensive range of products, we hold a Level 3 Certificate in Equity Release and are fully regulated by the Financial Conduct Authority. We have an in-depth knowledge of the equity release market and will only offer you a product that suits your circumstances.
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