The reason why you may look to take out Equity Release is so that you can turn any existing equity that is currently within your home, into a lump sum of cash that you are free to spend in any way you’d like.
You will be able to use the equity you have released for all kinds of reasons. Some will pay off their mortgage, some will pay off unsecured debts. Others may wish to fund home improvements or for more simpler pleasures, such as a new car or a holiday or too.
Your Equity Release in Grimsby will more likely than not be presented to you in the form of a Lifetime Mortgage.
The way a Lifetime Mortgage works, is that whether your mortgage balance is outstanding or not, you have an option for releasing your equity. So long as this is your main residence, you may be eligible to take out a Lifetime Mortgage, selecting a portion of the equity to put towards future family inheritance, if that is something you’d like to do.
You can still very much make monthly payments back if that is your choice, however, a popular choice among homeowners is to instead let the interest simply roll-up. The loan will only become repayable once you have died or are living in long-term care, unable to live alone without help.
The important details to remember with Equity Release, are that you have to be at least 55 years old to qualify and both your age and the value of the property will affect how much you can take out of the property.
For any Mortgage Advice in Grimsby on the topic of Equity Release, we highly suggest seeking the advice of a specialist mortgage advisor. Book online with a Mortgage Broker in Grimsby and speak to our trusted Equity Release mortgage advisor.
To understand the features and risks, ask for a personalised illustration. A Lifetime Mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits.
The loan plus accrued interest will repayable upon death or moving into long term care.
As discussed above in the main section, there are lots of reasons why somebody may choose the route of taking out a Lifetime Mortgage for Equity Release. We generally find that the main reasons for this includes;
You may still have the option of taking out a Lifetime Mortgage and using that equity as a way to pay off the amount of mortgage you have remaining on your balance.
You may not be able to release as much as you’d like though, as there will still be a large outgoing attached to your name (the mortgage itself), which could impact affordability.
Secured debts are usually things such as a mortgage repayment, with that debt secured against a particular asset, which in this case is the home you are living in.
Unsecured debts are things such as personal loans, where a debt is not secured against any particular asset. In these instances, we find that homeowners will often take out Equity Release to cover the costs of any unsecured debts they have.
Some people may go through the process of an Equity Release for the purpose of home improvements, alterations or modifications.
This works much like it would for people who wish to remortgage to release their equity, with the difference being that a remortgage to release equity is pretty much a shoe-in for placing you on a repayment mortgage, whereas regular Equity Release puts you on a Lifetime Mortgage.
Popular choices for projects like these include but are not limited to, home offices, garden upgrades, extensions, new or refurbished living rooms and kitchens, amongst many others.
Outside of what has been mentioned above, there are other things you may be interested in spending your money on. These include to go on holiday and buy a new car, with basically no limitations. It’s your equity!
If you have any Equity Release Mortgage questions or concerns, feel free to book in with our team.
As proud providers of mortgage advice in Grimsby & surrounding areas, Equity Release is something that we can help with. We have an expert Equity Release specialist on our team who is here to help in any way they can. Get in touch and we will see how we are able to help.
We are able to help with this, yes! As you near towards the end of your initial fixed mortgage period, book in with a mortgage advisor in Grimsby and we will take a look at this option for you.
During our two decades plus of mortgage broker work, we have helped thousands of customers to achieve their goals as home buyers and homeowners alike, doing everything we can to help them get across the mortgage hurdles that are in their way.
As an experienced and knowledgeable Mortgage Broker in Grimsby, our trusted and hard working team of mortgage advisors are able to take a look through 1000s of different mortgage deals on your behalf in order to find the most suitable deal for your situation.
Throughout your mortgage process, our team will guide and support you in any way they can, answering any questions & concerns that may crop up. We even have the ability to assist with other services when applicable, such as referring you to a trusted conveyancing solicitor.
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