Northern Ireland Equity Release

It’s important to note that equity release is a way of releasing the wealth (cash) tied up in your property without the need to move. With equity release products, if you are over the age of 55, you can either borrow against the value of your home or sell all or part of it for a regular monthly income, a lump sum, or the facility to get at equity as and when you like or a combination of these options.

Learn more about ‘What is Equity Release?’ here.

Newcastle equity release – get a free equity release quote here and chat with an adviser to learn more.

See how much you can release with our free equity release calculatorhere.

Although there are many different plans available, they can all be split into four main categories of equity release schemes.

Lifetime Mortgage

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

This 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.

Learn more about the ‘Types of Equity Release’ here.

With equity release scheme, you are free to use the money on almost anything you choose. There are many reasons for releasing equity from your home and here are just a few of them:

• 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.

Newcastle equity release – get a free equity release quote and chat with an adviser to learn more.

Or review the best equity release companies.

• Equity Release Ireland
• Equity Release Northern Ireland
• London Equity Release
• Equity Release Leeds
• Equity Release Birmingham
• Equity Release England

Get a quote for more equity release locations.

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 a 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.

Have a look at ‘What is a Lifetime Mortgage’ here.