What options do you have when you're later in life and need to access money tied up in your house? In this episode, we're back with Lee Carthew discussing all you need to know when planning a mortgage into your golden years.
Equity Release is where you release the equity in your property to be used for any legal purpose.
Now, you're probably wandering why you'd do that if you're still paying a mortgage but it's important to note that this type of finance is designed specifically for those over the age of 55.
You can use the money you raise for just about anything (as long as it's legal!). This could include:
The main difference is that the majority of Lifetime Mortgages are open ended, where a residential mortgage usually has a term associated with it!
It gives you a little bit more freedom heading towards retirement.
The affordability assessment is different to a normal mortgage too - these are based on your Age vs. the property value.
The older you are, the more you can lend.
Pretty straightforward right?
Equity Release isn't for everyone, so you should absolutely make sure you're booked in with Lee to see if it's the right option for you or your family.