If you’re a property owner who’s been investing time and money in a home for many years, it’s quite likely that the equity you’ve accumulated is your most valuable asset. Equity, in this instance, is the money value you have in a property, which represents your ownership right. In the last few years, lenders have made it possible for homeowners to make use of this value in a process called equity release.
As long as you continue to make regular payments, you continue to build that value. At some point, you may want to use it in ways that you choose. You can, with the regulated and flexible equity release that gives you access to your money while you remain in your home and still own it. At one time, people may have thought it was necessary to sell their homes to have access to equity. This is no longer true.
When you work with one of the top providers of these popular plans, you will benefit from an equity release plan that does not require you to sell your home. You don’t have to give up any part of the value and ownership right that you have in the property. You can learn more by visiting the website of these equity specialists. You’ll find valuable information about unlocking the wealth accumulated as you paid for your home.
One of the best benefits of working with a reliable company is that you’ll never pay a fee or percentage charge until you complete a plan. You’ll also be fully informed of equity release pros and cons. If you choose not to proceed after an initial consultation, you’re not obligated to go forward. Equity release plans and lifetime mortgages are designed to benefit homeowners who are 55 years of age or older so that they can remain in their homes and still enjoy the value accumulated.
The money you receive can be spent as you decide. You also benefit because the value you have in the home is already yours so there are no tax obligations. If you’d like to receive the money in a lump-sum cash amount, you can. You can also choose to have an account established so you can draw from it when you need to. A combination of the two is also possible.
There are benefits from each of these payout options so it’s wise to discuss the details with family members and with an equity release professional. It’s always best to get good advice and to be an educated consumer. You can also move at a later date if you select to release equity with Responsible. This allows you to transfer the plan to another suitable property without penalty.
There are few “cons” to the process and most homeowners find these are far outweighed by the benefits. For example, as you discuss the options with an equity release professional, be sure to ask about charges for paying back early. Remember, if you choose to downsize at a future date, you are allowed to repay the plan using proceeds of the house sale. Find out today if equity release is right for you.