At Russell Financial Solutions, our team of mortgage advisors in Rayleigh have over 30 years of combined experience and are proud to offer the best advice if you’re considering releasing equity from your home. With more and more talk of equity release, it can be hard to navigate what it actually means and how it will affect your property and finances. Come in to our branch on Rayleigh High Street and speak to one of our award-winning Equity Release Advisors who will be more than happy to guide you through the ins and outs. In the meantime, take a look at our equity release overview, which may answer your initial queries.
What is Equity Release?
Equity release is a way for homeowners over 55 to access some of the money (or equity) that is tied up in their property, without needing to move. This could be for a number of reasons, which could include to help repay debts, to buy a property, or for home improvements. The cash from equity release is tax-free. Equity release is an expensive, lifetime commitment. Our mortgage advisors in Rayleigh are honest with all of our customers, ensuring they are considering all other options before choosing equity release.
Will I Still Own My Home?
It depends on which plan you choose. Our friendly equity release advisors in Rayleigh are more than happy to listen to your circumstances and guide you through which release plan will suit you best.
What Equity Release Plan Can I Use?
- Lifetime Mortgages
This is the most common type of equity release plan. There are typically no monthly repayments to make; it is only repaid through the sale of your house when you die or move into long-term care.
- Home Reversions
With a home reversion equity release plan, you sell all or part of your property at less than its market value in return for either a regular income, a tax-free lump sum, or both. You will stay on in your home as a tenant, paying no rent and still be responsible for its upkeep.
No Negative Equity Guarantee
Many of our equity release plans include the ‘no negative equity guarantee’, meaning you’ll never owe more than your home is worth. This means that, any debt you accumulate through equity release can’t be passed on to your family after you’ve gone.
Contact Our Mortgage Advisers in Rayleigh Today
Contact Russell Financial Solutions today to receive expert guidance from our brilliant mortgage and insurance brokers in Rayleigh. Our specialist team are on hand to make finding the right equity release plan for you as informative and stress-free as possible.