If you are over the age of 55 and in need of equity for whatever reason, but want to avoid costly loans, you should consider equity release.
Equity release is the process of remortgaging to release money (equity) from the value of a home, for immediate use.
This money can then be taken as either a lump sum or through smaller payments, i.e. a monthly income and used for whatever purpose.
The maximum amount which can be released is relative to the property value, and is effectively deducted from the selling price when the property is sold, as that ‘portion’ of it is already deemed to have been sold to the equity release provider.
There are two different types of equity release available – lifetime mortgages and home reversion – and both operate in different ways, making them more applicable for certain circumstances.
MAP can help you release invaluable capital from the equity in your home.
If you are a homeowner over 55 and are concerned with ongoing living costs or are looking to make an expensive purchase or gift, talk to one of our equity release specialists. We have access to the entire UK market, so can determine the right route for you and the best lender, if indeed equity release is the best option for you.
Also, if you have undertaken equity release already but are looking to move home, we can take care of the ‘transfer’ between properties, to ensure minimum, or no, extra costs are incurred.
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