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Home equity release can be described as the process by which an individual can release tax-free money from his/her house, without having to move house or sell the property. The homeowner can receive this cash as a tax-free lump sum or in agreed upon installments. This concept is gaining popularity, as many homeowners seek for extra cash injection. People are increasingly opting for this type of funding as opposed to loans, to cater for any financial needs they might have. You will find important information about interest rates, lenders, and the different categories of home equity release products in this website. In addition, you will find an equity release calculator to help you find out if you quality, and the amount of equity you can release. In order to qualify for equity release, all you need is to be 55 years of age and above, and clear any outstanding mortgage. These are the only two hurdles you need to jump in order to qualify. Many people have benefited from equity release, such as: For people who are considering early retirement but have insufficient retirement funds.
People who have achieved the qualifying age, and need to raise money in order to fulfill certain plans or dreams.
For people who want to mitigate inheritance taxes.
For people who wish to plan for long-term care costs of loved ones without having to sell their home.
People who are faced with the difficulty of repaying outstanding mortgage.
Grandparents who want to fund some of their grandchildren's expenses. An equity drawdown scheme is a form of rollup lifetime mortgage where, instead of the homeowner taking the maximum amount, he/she takes only the amount required immediately, and can take further amounts periodically until the full amount is used up. Most people prefer doing this in order to avoid wastage. A point to note is that interest is only charges on the actual amount withdrawn, not on the maximum amount available. Equityreleasecompared.com contains all the information you will need concerning equity drawdown, and there is no charge when you use the service. Other reasons why people are choosing equityreleasecompared.com include: With the various equity release schemes available, many retired homeowners in the UK have benefited greatly. You do not lose ownership of your house.
Updated are constantly done on interest rates and other special offers that save you money. The information in the website is up to date Engaging in these schemes does not tie you to your house. This is because the plans are portable.
No negative equity.
You will find a list of all lenders in the UK that equity release council members in the UK.
The website only features those lenders that are members of the ERC, and subscribe to safe home income plans. As the popularity of home equity release increases, well over 20 different schemes are in operation presently. This number will only rise as more and more people with different priorities opt for this concept. As a result of the huge variety of schemes, choosing the right one may prove to be difficult. It would be advisable to seek the counsel of specialized advisors in order to choose one that caters for your specific requirements.
About the Author In order to get more information about the different equity release schemes available, feel free to visit http://www.equityreleasecompared.com/ for more details.
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equity drawdown, home equity release, equity release schemes,
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