Adverse Remortgage Options
Equity Release
With the recent increase in house prices, many homeowners have equity in their property and are sitting pretty.
Having equity gives you the opportunity to spend the money on home improvements, or maybe a buy to let. Some people use their equity to sell up and get a bigger place or, sell up, downsize and reduce their mortgage even further.
If you are retired, however, and don’t want to move, what options do you have to release some of the equity in your property so that you can have a comfortable retirement?
There are equity release schemes and they are almost a type of mortgage. Basically, the equity in your home is released and you don’t have to pay the mortgage back until you die or move into full-time care.
However, equity release schemes can have downsides:
· they can often be expensive
· many industry experts think that equity release schemes are too inflexible and complicated
· they can affect the level of means-tested benefits you receive
There are two main types of equity release scheme, Interest Roll-up Loans (also known as Cash Release Plans or Lifetime Mortgages) and Home Reversion Plans.
With the former, you can opt to have a lump sum or monthly payment against the value of your home. This is paid back to the lender when the property is sold, plus any interest on the amount borrowed, which can work out expensive.
With the latter, you sell all or part of your home. In return you will get either a fixed sum or a monthly income – or both. You have the right to remain in the property until you die. However, the borrowing calculations are not based on the full value of your home, only around 40% to 60% of its current value. So you will lose out financially.
If you are considering an equity release scheme, seek independent advice first and make sure you do your sums.
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