The equity in your property is the value of that property minus any mortgage that is outstanding. Many people, especially those that are approaching retirement age, find that they have substantial equity tied up in their property even though they may be struggling to put together a reasonable pension income. View the equity release schemes from Age Partnership in order to find the scheme that best suits your circumstances, your requirements, and your property.
A lifetime mortgage enables you to borrow money against the equity in your property and repay this amount, with interest, typically when you die or go into full time care. There are a number of lifetime mortgage types available and you can view the equity release schemes from Age Partnership or request a free consultation to help you determine whether equity release is a good choice for you and, if so, which of the schemes is most ideally suited to your needs.
A standard lifetime mortgage means that you will receive a lump sum of cash from the equity in your home. You still retain 100% ownership of the property but do bear in mind that any inheritance you leave behind is likely to be reduced because the equivalent of the lump sum plus interest accrued will be taken from the sale of the property.
An alternative to this is the interest only lifetime mortgage. You make regular repayments equivalent to the interest on the money that you borrow and when the house is sold this means that a smaller amount is repaid. Usually, an interest only lifetime mortgage will leave you with a larger estate benefiting your beneficiaries.
A drawdown lifetime mortgage provides you with a sum of cash that you can access as and when required. You don’t need to take all of that sum straight away and by leaving some of the money as equity it means that you can reduce the amount of interest that will need to be repaid. For more options you can view the equity release schemes from Age Partnership including the home reversion plan.
Contact is today to view the equity release schemes from Age Partnership and to discuss which of the options are best for you. We provide impartial and useful, actionable advice to help you prepare for a more comfortable retirement.