Equity Release Gloucester
Equity release is a financial product that allows homeowners in Gloucester and beyond to access the equity (or value) in their property while they continue to live in it. This can be an attractive option for people who are retired or nearing retirement, as it can provide a source of income or capital to fund expenses such as home improvements, travel, or supporting a family member. It can also be a way for homeowners to release funds that are tied up in their property and use them for other purposes.
There are two main types of equity release schemes: Lifetime Mortgages and Home Reversion Plans.
We offer advice on lifetime mortgages, which make up the vast majority of the equity release products available in the market. This is because you will retain ownership of your home with a Lifetime Mortgage and, just like a standard mortgage and this is a key feature for most of our customers. You can choose to receive the funds as a lump sum, regular payments, or a combination of both.
You can also choose to make interest payments or allow the interest to roll up and be paid when the loan is repaid. With a lifetime mortgage, you retain ownership of your property and can continue to live in it for as long as you like. The loan and any accumulated interest are repaid when the property is sold, usually when the homeowner dies or moves into long-term care. Lifetime Mortgages normally have a lower rate of interest than home reversion plans.
Why Choose Us?
Home Reversion Plan
It’s important to carefully consider the terms of an equity release scheme and to seek professional advice before making a decision. Equity release is a long-term commitment and the terms of the loan or plan may affect your ability to sell the property or pass it on to your heirs. There may also be fees and charges associated with the scheme, which can add to the overall cost. It’s also worth noting that equity release schemes may not be suitable for everyone. They may not be available to homeowners under a certain age, and they may not be the best option if you have a large outstanding mortgage or if you are planning to move in the near future.