You might be surprised to find out how many options are available now that allow you to release cash from the equity built up in your home safely and securely.
What is equity release and how does it work?
Equity Release allows you to convert some of the equity you have built up in your home into a regular retirement income or into a lump sum of cash. The equity you have is how much you could sell your home for in the current market less any mortgage or other debt held against it.
Equity Release plans, based on your personal circumstances, can allow you to:
What is the difference between equity release and a lifetime mortgage?
To qualify for equity release you need to be over 55 and products are based on your unique circumstances. A lifetime mortgage is a form of equity release. The interest is charged on what you have borrowed, which can be paid monthly or added onto the total loan amount (no interest payments monthly). When the home is sold – the money from the sale is used to pay off the loan.
At Private Wealth Mortgages we are authorised and regulated by the Financial Conduct Authority (FCA). We are also members of the Equity Release Council (ERC), the industry body for equity release mortgages. Our advisers hold equity release qualifications, so you are in safe hands. We will guide you through what is available to you, will consider your situation with care and compassion and find the best solution for your circumstances.