Is An Equity Release Mortgage Right For Me?

 

An Equity Release mortgage for many people is a practical and sensible way of releasing cash from their homes, so that they have the money available to do the things they want to do. However, taking out this type of mortgage shouldn’t be taken lightly and it’s important that you know all of the facts and implications before you commit. An equity release mortgage isn’t right for everyone!

Why would you want to release cash from your home?

First of all, let’s have a look at the types of people this mortgage would suit. And before going any further, you do have to be over 55 and a homeowner.

  • You love your home and want to stay there
  • You need some tax-free cash to enjoy life to the full
  • You want to supplement your income and/or pension
  • You want to give a grandchild a deposit on their first home
  • You would like your family to benefit now, not after you have passed away

An equity release mortgage will allow you to stay in your home

Many people love their home and don’t want to move but find themselves asset rich, but cash poor. With an equity release mortgage, you can continue to live in your home for the rest of your life or until you move into permanent residential care. In most cases, you won’t have to make regular payments unless you actually want to because the amount you owe is paid back from the sale of your home after your death.

You will have cash to enjoy life

The tax-free cash that is released from your home can be used for a host of things ranging from home improvements including an extension or new kitchen, holidays such as a cruise, a new car or caravan, paying off a debt or mortgage or just enjoying days out.

An equity release mortgage will supplement a pension shortfall

The release of a lump sum can be used to supplement your income and pension. When retirement does come around, you may find that you haven’t planned properly and you have a shortfall in monies coming in each month and this is where an equity release mortgage could make up the deficit.

You can financially help your family

Many people want to help their children or grandchildren, particularly if they are struggling to get on the housing ladder. Giving a family member a lump sum could fund their deposit and enable them to make their first purchase. It’s something you would love to do for them now, so they don’t have to wait until you have passed away.

How can Paxton Equity Release help you?

Martin from Paxton Associates will be delighted to go through your options over a cup of coffee or tea so that you can see whether an equity release will meet your needs and circumstances and be the right choice for you and your family. Please call Martin on 01892 617070 for a chat or email martin@paxtonuk.com

 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.