Equity Release products are designed for people over 55 to take cash value from their homes without having to move. There is a wide range of Equity Release products which can provide a valuable source of income for some people.
These schemes allow the borrower to stay in their home and benefit from the cash released from the equity of their property until certain events occur for example moving into long-term care or death. At this point the lender will be repaid, usually through the sale of the property.
There are different types of Equity Release Scheme, some of which mean ownership or part-ownership of the property passes to the Equity Release provider and others where a cash sum is drawn from a promise to repay the lender on the sale of the property. It is important if you are considering an Equity Release scheme to understand the differences between these scheme types.
Equity release can be very useful in some circumstances but it is essential to seek advice on whether it is suitable for you.
Elsoms Financial Services ltd are not authorised to provide advice in the area but will refer you to an authorised adviser.
LIFETIME MORTGAGE - CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
DEPENDING UPON THE FINANCIAL ADVISER INTRODUCED TO, THERE MAY BE A FEE FOR EQUITY RELEASE ADVICE.