Many homeowners are unsure whether equity release is right for them. If you are considering to release equity, it is important to know which plan is best for you and what the benefits are. However, you should also consider if it is the right time for you to release equity.
Essex Equity Release offer unbiased and expert equity advice in Essex and throughout the surrounding areas. With our support, finding the right time to release equity is never an issue.
Firstly, not everyone can release equity. Sometimes this isn’t even dependant on age. Your property value may not be high enough or other factors mean there are no equity plans suitable for you. You should never assume that you can take out equity release as you must meet the criteria and legal requirements of a plan.
There are two main types of equity release schemes, which are lifetime mortgages and home reversions. You and your partner, if you are borrowing jointly, must be at least 55 years old before you can use a lifetime mortgage. To choose a home reversion equity plan, you and your partner must be at least 65 years old.
In addition to your age, you must own a property in the UK as your main residence. The property must be in reasonable condition and over a certain value, depending on the plan you are looking to choose. Not all property types will be accepted so this will also be a factor. Equity release may also not be suitable if you have dependants living with you. Additionally, if you already have existing secured loans or mortgages against your property.
Is Equity Release The Perfect Option?
Equity release allows you to release funds from your property, without having to sell your home. With many equity release schemes, repayment will only be required when you pass away or move into long term care. For many, it seems like the perfect way to gain extra money without having to constantly worry about monthly repayments or being left in debt. Debt is never an issue as all equity release plans at Essex Equity Release offer a “No Negative Equity Guarantee”.
Despite this, it is not the best option for all homeowner. It is very important to consider the different options you have available. Deciding to release equity at any age may give you the funds you need for holidaying or to help out family. You can use this for whatever you like. However, it is important you release equity for the right reasons, even if this is just to have more financial security.
There are many benefits to using equity release but repayments will be required towards the end of your life. Some plans will also be more expensive than others, so it is important to find the right plan, rather than jumping at the chance of unlocking cash.
Our advice service ensures the best plan for each individual is always available. With us, you never make any errors releasing equity.
What Age Should I Release Equity?
You may be eager to release equity from your home. However, doing this at the age of 55 could mean you do not receive the best plan you can find. Although it can still be a good option for many homeowners, different and better plans will become available as you get older. Each plan will have its own criteria. For homeowners who are older and have larger property value, plans can often be even better.
Of course, you also want to make sure the cash you unlock from your home is available to use and you can actually enjoy it. Finding the right time to release equity is difficult. However, this can be done by finding a plan that is suitable for your specifications at an age you can enjoy the money, pay off loans or become financially stable.
To discuss the different equity release plans we have available from a number of providers, contact Essex Equity Release today. You will always receive a fast response from our team. Furthermore, appointments are made at a suitable time and location for you. Call us on 01268 799211 or fill in our contact form to make an enquiry.