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Unwrapping the Potential of Equity Release
unwrapping-house

As the festive season approaches, many of us are reflecting on our lives and planning for the future. For those who own their homes outright or have significant equity built up, equity release could be a valuable tool to unlock the potential of your property. Equity release can provide you with the means to give back to your loved ones, pursue your passions, or simply enjoy a more comfortable retirement.

 

Here's a guide to help you understand the basics of equity release and how it could benefit you.

 

What is Equity Release?

Equity release allows homeowners aged 55 or over to access a portion of the equity tied up in their property without having to sell. This can be done through a lifetime mortgage. This is where you borrow a lump sum against your property, and the interest rolls up over time. You only repay the loan when the property is sold, typically upon your death or moving into long-term care.

 

Benefits of Equity Release

  • Financial Freedom: Equity release can provide a lump sum of cash to help you enjoy your retirement or fund specific goals, such as home improvements, travel dreams, or gifting to loved ones.
  • Stay in Your Home: With equity release, you can continue to live in your home comfortably, enjoying the familiarity and security it provides.

 

Important Considerations

Before making a decision about equity release, it's essential to consider the following:

  • Interest Rates: We will compare interest rates from different providers to ensure you're getting a competitive deal.
  • Early Repayment Charges: Be aware of any penalties for repaying the loan early.
  • Affordability: Ensure that you can comfortably afford the ongoing interest payments and potential repayment charges.

 

Equity release can be a valuable financial tool for homeowners looking to unlock the potential of their property. By understanding the options available and considering your individual circumstances, you can make an informed decision about whether equity release is right for you. Get in touch with us today at 0345 2185211 or info@justmortgages.co.uk.

 

A LIFETIME MORTGAGE IS NOT SUITABLE FOR EVERYONE AND IT IS IMPORTANT TO SEEK FINANCIAL ADVICE BEFORE TAKING ANY ACTION. ALL OTHER OPTIONS AVAILABLE SHOULD BE EXPLORED BEFORE CHOOSING EQUITY RELEASE.
INTEREST IS CHARGED ON BOTH THE ORIGINAL LOAN AND THE INTEREST THAT HAS BEEN ADDED. THE AMOUNT YOU OWE WILL INCREASE OVER TIME, REDUCING THE EQUITY LEFT IN YOUR HOME TO POTENTIALLY NOTHING.
PLEASE DISCUSS WITH YOUR FAMILY AND BENEFICIARIES.

 

Just Mortgages is a trading name of Just Mortgages Direct Ltd, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

 

Approved by The Openwork Partnership on 10/09/2024