How does equity release in Beverley work?
If you are over the age of 55 and own your home with or without a mortgage, with a property valued £70,000 or over, you may qualify for an equity release plan.
Having an equity release plan will enable you to release a portion of the value of your home as a tax-free lump sum, or a number of smaller sums taken out over a set period of time.
Here at Beverleymoneyman, our qualified and experienced later life mortgage advisors in Beverley will provide a comprehensive service. An efficient team of case managers supports this, to make sure that your plan is put in place as soon as possible and inform you at every step of the entire process.
Your allocated later life mortgage advisor in Beverley will look thoroughly at your current circumstances, your past experiences, and what you are looking to accomplish in the future. This enables them to identify whether equity release in Beverley, is right for you, or if alternative options would be better suited for you.
If this like the right move for you to take, it will also enable your later life mortgage advisor in Beverley find you the most suitable product to suit you today and in the future from the whole of the market.
There are two major types of equity release in Beverley – the lifetime mortgage that is available from 55+ and the home reversion plan (which involves selling all or part of your home).
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Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
Lifetime Mortgages in Beverley
If you are looking to raise money to help children or grandchildren, repay existing mortgages or other debts, carry out home renovations, or increase your retirement income to cope with the current costs of living, our knowledgeable, friendly mortgage advisors in Beverley will help you achieve your goals.
A lifetime mortgage in Beverley enables you to release tax-free money from the value of your home. You will retain 100% ownership rights and you can stay in your home for the remainder of your life.
Generally, a lifetime mortgage in Beverley will be repaid from the sale of your home after your death or by going permanently into care (with two borrowers this is the case for the last surviving member).
Over the past few years, lifetime mortgages in Beverley have become more versatile including options for voluntary payments, monthly interest payments and moving your mortgage to a different property.
For additional mortgage advice in Beverley in connection with the equity release in Beverley, it is worth seeking the advice of a specialist in the field.
Contact a mortgage broker in Beverley and we shall book you in with one of our later life mortgage advisors to discuss your options for releasing equity in Beverley.
To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.
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.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.