Are you currently in retirement and are looking for an additional source of income? Maybe you need some extra money to go on a holiday, to spend on a garden in which you can relax, to treat your family or friends or simply to make your retirement more comfortable. Our equity release schemes can be the solution that you are looking for. What exactly are equity release schemes? Equity release schemes allow those who are in retirement to release tax-free cash from their home. As long as you are a homeowner and are 55 years or older, you can be eligible for equity release. The money that is released can be in the form of a lump sum amount, a monthly amount or a an amount which you can withdraw as you need it.
• You do not need to move out of your home.
• You can spend your money as you wise.
• You can choose how much equity you would like to release and if the price of your property rises in the future, you can release more equity.
• There is a possibility that you will have no inheritance to leave for your family.
• When you die, your property will be sold to repay the equity release provider. Based on the period of your equity release scheme, all of the sales proceeds may go into paying off the provider, leaving nothing for your loved ones.
Equity release is not always suitable for everyone. It has its advantages and its disadvantages as you have seen above. That is why it is necessary to obtain advice from qualified equity release specialists before making a decision. We at Other Equity Agency offer a number of equity release schemes but before advising you on one, we make sure that we understand all the details about your lifestyle so that we can suggest the scheme that will best meet your requirements. We also make sure that we involve your family in the decision-making process as your decision to release equity from your home will affect them.
We offer two main types of equity release schemes. These are:
• Interest Only Lifetime Mortgage – This scheme will allow you to get a mortgage from us secured against your home. During the duration of the mortgage, you will only need to pay the interest. The loan sum will be repaid after you die or move into long term care through the selling of your home.
• Home Reversion – This scheme allows you to release equity from your home by selling it as a whole or by selling a part of it; however, you are allowed to remain in it until you die or move into long term care.
Here are some reasons why you should choose us as your equity release provider.
• We plan ahead with you
• We help you to maximize your assets
• We are a member of the Equity Release Council
• Our team is made up of equity release and retirement specialist
• We do not use jargons so you can easily understand the process and the advantages and disadvantages of the scheme that you choose.
You can use our online calculator to calculate how much equity you could release from your property. The two most important factors in determining this are:
• Your age
• The value of your home
Contact our equity release specialists for more information on our equity release products!
Other Equity Agency, 18a North End, Bedale, North Yorkshire, DL8 1AD.
078 1225 0251,