EQUITY RELEASE & LATER LIFE LENDING
Equity release is designed for clients who are 55 and over who wish to release cash from the equity in your property.
It’s not income based, and releases are calculated on the age of the clients and the value of their property.
The mortgage is only repayable on death or when you enter into long term care.
Other options like retirement interest only mortgages or standard mortgages may also be a solution.
Unlike others we will assess all options that are available to you.
How Does Equity Release Work?
It’s generally set up so no monthly payment has to be made, however clients can choose to service the interest should they wish the capital sum to remain the same.
As the property is the important factor here credit status isn’t as important as other types of mortgages. You could also agree a pre-approved sum to be taken later in time known as a drawdown facility. This means you only accrue interest on funds you have taken. This is ideal for future plans such as significant celebrations or a holiday of a lifetime!
You also can purchase a property with equity release should you have a shortfall on the property you wish to purchase.
Other later life lending is income based like a standard mortgage.