Donkey gets you the best Equity Release Deals. Mainly for the age groups of 55+, we get the best equity release mortgage deals.
If you own your home and would like to access some of the value ‘locked up’ in your property, equity release could be a viable option. Equity release schemes are designed to help homeowners tap into some or all of the value of their home, with no requirement to relocate.
However, equity release isn’t suitable for everyone and must therefore be considered carefully. If you’ve been thinking about releasing equity in your property, we strongly advise reading the following first.
There are two primary options available for homeowners looking to release equity in their home:
This option sees the applicant take out a mortgage secured on the property they live in, maintaining full ownership and all associated rights.
The owner sells their property – in part or as a whole – to a home reversion specialist, in return for a cash sum or a series of ongoing payments. The seller has the right to live in the property until their death, at which time the property (or the share thereof) is transferred to the buyer.
While the appeal of equity release is clear, there are some important considerations that must be factored in. Before going ahead, it’s useful to use an online equity release calculator to find out exactly how much of your home’s value you could release. In addition, seeking independent advice from a reputable consultant is mandatory.
If you choose to go ahead, you’ll need to bear the following key points in mind:
Equity release provides homeowners (typically over 55 years of age) with the opportunity to access some of the cash tied up in their home, without having to relocate.
Essentially, the process involves selling all or part of your home to a specialist buyer, who then allows you to continue living in the property until you die.
Working with a reputable and responsible specialist, equity release can be a safe and simple way to access some of the value locked into your home.
Eligibility and suitability vary from one prospective applicant to the next. Whether or not equity release is a good idea is determined by the age, financial position, lifestyle, income and intentions of the respective applicant.
Organise a consultation with an independent broker, in order to discuss the available options and assess your suitability for equity release.
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