At Russell Financial Solutions in Rayleigh, we specialise in helping over 55s access some of the money (or equity) that is tied up in their home. Equity Release can also be used to purchase a home! If you are over the age of 55 and a homeowner, you are probably eligible to take out an equity release plan. Equity Release is becoming a common way for over 55s to release tax-free cash from their home to spend on many things including home improvements, repaying debts, holidays and helping their children on to the property ladder.
There are two types of equity release plans – Lifetime Mortgages and Home Reversions.
With a lifetime mortgage, the most common type of equity release plan, there are typically no monthly repayments to make. Your equity release plan is only repaid through the sale of your property when you die or move into long-term care.
There are many different types of lifetime mortgage in Rayleigh which allow the borrower to have lots of flexibility in how they want to repay the cash they release from their home.
- Rolled-Up Interest - You have the option to roll the interest up which would mean the capital is repaid on death or when you go in to long term care
- Interest Only – You can make compulsory interest only payments (exactly like a typical interest only mortgage you could obtain with a buy to let) to ensure the capital doesn’t increase
- Drawdown - A drawdown plan allows you to take lump sums of cash as and when suits you. The benefits of doing this is the interest is only payable as and when you drawdown on the funds
No negative equity guarantee
Lots of Equity Release plans in Rayleigh include the no negative equity guarantee. This means you’ll never owe more than your home’s worth. Therefore, any debt you accrue through equity release can’t be passed on to your loved ones after you’ve gone.
Which Equity Release scheme is best for you will depend on your personal circumstances and your individual needs. It’s important to obtain expert advice from an authorised and qualified Equity Release advisers before proceeding with an Equity Release plan. Russell Financial Solutions have helped many clients realise their dreams by pairing them with a suitable plan.
Contact Our Mortgage Advisers Today
Contact Russell Financial Solutions in Rayleigh today to receive our expert guidance and mortgage advice. Our specialist mortgage brokers are on hand to make finding the right mortgage for you efficient, quick, and stress-free.