Equity Tips
In equity release mortgage people over 55 years of age who have their own home can receive cash against the mortgage of their home and are not required to leave the property or make any repayments. The loan will be recovered from the sale proceeds of the house after the death of the borrower. And in home reversion plan people generally sell their property to receive money either in lump sum or in installments and also maintain the ownership. This option is available for people of 65 years of age and above.
Both the options are equally beneficial for those who are eligible for such Release Equity in Home deals but there are some inherent drawbacks which must be carefully considered before taking up any scheme.Therefore, it is preferable to take Equity Release Advice on Release Equity in Home as they can explain everything properly so that you can take the correct decision.
These independent advisors are authorized to conduct mortgage business and are continuously monitored. In order to get authorized they have to qualify a special examination in addition to regular qualification in order to provide Equity Release Advice. Due to unawareness these people are thought to be middlemen but the fact is that seeking advice from these advisors is really beneficial.
Release Equity in Home is gaining popularity as it enables the home owner to get tax-free value or money in lieu of their house without the need of selling the property or move to another house. The ownership is maintained with the borrower till his or her death. The borrower can receive the amount of money in lump sum or in regular installments. There are two options in Release Equity in Home: 1) equity release mortgage, and 2) home reversion plan.
In equity release mortgage people over 55 years of age who have their own home can receive cash against the mortgage of their home and are not required to leave the property or make any repayments. The loan will be recovered from the sale proceeds of the house after the death of the borrower. And in home reversion plan people generally sell their property to receive money either in lump sum or in installments and also maintain the ownership. This option is available for people of 65 years of age and above.
Both the options are equally beneficial for those who are eligible for such Release Equity in Home deals but there are some inherent drawbacks which must be carefully considered before taking up any scheme.Therefore, it is preferable to take Equity Release Advice on Release Equity in Home as they can explain everything properly so that you can take the correct decision.
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