Money Saving Expert Equity Release Calculator
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Every 12 minutes a homeowner over 55 in the UK unlocks £91,667 tax-free cash?
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Most Popular Reasons for Releasing Cash
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Money Saving Expert’s Equity Release FAQ’s
Although there are many different plans available, they can all be split into four main categories of equity release schemes.
You release a lump sum from the value of your property, by taking out a mortgage secured on your property (provided it is your main residence) whilst maintaining 100% ownership of your home. This amount, plus any interest accrued, (you can choose to make repayments) is repaid from the sale of your property when you pass away or move into long-term care.
Drawdown Lifetime Mortgage
his works similar to Lifetime Mortgage but with a regular cash reserve/draw down option allowing you to withdraw amounts at a frequency you choose up to a specified amount of years, or until the cash reserve has been used up.
Interest-Only Lifetime Mortgage
You get a lump sum and pay a monthly interest on the loan, which can be fixed or variable, rather than allowing the interest to roll up. The amount you originally borrowed is normally repaid when your home is eventually sold.
Home Reversion Plan
Here, you sell some or all of your property to a home reversion provider in exchange for a lump sum of money or regular payments, whilst maintaining the right to remain living in your home, rent free, for as long as you live, but you have to agree to maintain and insure it. At the end of the plan your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
Read Our Full Article » Types of Equity Release
- To supplement your pension income to cover living expenses
- To settle a repayment mortgage or clear the balance on an interest-only mortgage
- To improve your standard of living
- To see your family enjoy their inheritance while you’re still here
- To carry out some home improvements
- To take that holiday of a lifetime
- To help your children onto the property ladder
- To pay off other outstanding debt and lower your monthly outgoings.
Note that equity release plans are not right for everyone and it is important that you fully consider your options and receive independent financial advice before making a decision. It is also important that, if you do decide to use an BBC equity release product, you choose one that meets your needs.
Remember that taking an equity release plan is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without any penalties.
A financial adviser can help you to choose the plan that is right for you.
Read More » Is Equity Release a Good Idea?
Use Some of Your Home's Value to Live Life Your Way
There are a few variables but the two biggest are the value of your property, and the applicants age (the older the better!). Find out how much tax-free cash you can release from your home using the FREE equity release calculator.
Read more about Equity Release Locations »
If you’re tired of monthly mortgage payments, equity release might be a fantastic way for you to pay back that mortgage quickly. This is one of the many reasons people choose an equity release product.
What People Say
Money Saving Expert Equity Release Quote
PS – If you’re anything like us, you just skipped to the end anyway.
So here’s the scoop – we are offering to get you the best quote for equity release from the best equity release companies.
John advises business, individuals, and organisations on pension planning. As you’ve probably realised by now, we’re invested in helping people like yourself understand a little bit more about how equity release options work.