You’ve spent years looking after your house; caring, repairing, tending , extending. Perhaps it’s time that your house paid you back?
We provide advice to clients looking for equity release solutions in Oswestry, Shropshire and beyond! While it won’t suit everyone, there are many over 55’s who could benefit from releasing equity from their homoes by taking a lifetime mortgage. How? Here are some fictitious examples that reflect real life scenarios that we see often:
- Repaying debts: Simon and Fiona are retired, and had no way of repaying their interest only mortgage. They raised funds to repay their mortgage, and to have some spare cash in reserve
- Enjoying retirement: Chris and Sarah raised funds to enhance their lifestyle in retirement. They want to travel now, whilst they are fit and active
- Helping the family: Tony and Mair had no savings. They raised a lump sum deposit to help their children to get onto the housing ladder. They also now have the option to take additional lump sums too
Popular reasons for releasing funds (source: Age Partnership 2018)
– Repay mortgage (32%)
– Home improvements (20%)
– Consolidate debts (10%)
– Help the family (10%)
– Better lifestyle (5%)
…there are currently no stats for world cruises!
- Do I still own my home?
Answer: Yes, you retain full ownership just as with a conventional mortgage
- Can I move home?
Answer: Yes, you can ‘port’ your lifetime mortgage with you
- Could I end up owing more than my home is worth?
Answer: No. We onl recommend lifetime mortgages with a ‘no negative equity guarantee’
- Do I need to make repayments?
Answer: No. However, you can chose to make payments to cover the interest, or to gradually repay the lifetime mortgage if you wish