• A Home Equity Release Mortgage (HERM) can be used to get immediate cash from a property. It is not an option open to everyone but can be a valuable option if urgently required.
    This requires specialist knowledge and only certain advisers in the UK can advise on it. MAP has such advisers in their team, and they would be happy to review your circumstances and recommend the best course of action, if you were thinking of going down this route.

Equity release is someone taking money from the value of their home, i.e. releasing equity, to use then and not on sale of the property. The chosen lender will offer said person either a cash lump sum or monthly income, or both, as a loan, relative to the property value.

Interest on this loan accumulates over time and, on sale of the property, both it and the loan amount are repaid by being deducted from the amount which the property is sold for. The person involved is then without debt when moving into their new home.

Equity release is normally only available to those aged 60 or over. Some lenders will drop to age 55, whilst whilst others rise to age 65. They are available on fixed or floating capped rates and are cheaper than some loans, whilst providing a no-negative-equity guarantee.

If you are considering such a move, talk to MAP’s equity release specialist. We have access to the entire market, so can determine the right route for you and the best lender. We can also review existing plans in line with current circumstances, to ensure they tie in.

Your home may be repossessed if you do not keep up repayments on your mortgage.
To understand the features and risks of a lifetime mortgage, ask us for a personalised illustration.

Equity release products may affect state benefits and will reduce a client’s inheritance. Please note that MAP is not authorised to undertake business or provide advice relating to home reversion plans.

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