Equity Release Providers

Equity Release Providers

Equity release providers are considered necessary for individuals who acquire an equity release mortgage. Equity release providers offer a wide range of equity release schemes to individuals. Our equity release advisers possess experience in relation to equity and are assured to find the most advantageous solution for each individual.

An equity release mortgage product provides elderly individuals with the opportunity to grant access to finances secured within their home as a means of enhancing finances or aiding personal fulfilments. Equity release provider’s mortgage products can come in the form of a either lifetime mortgage or home reversion system. Individuals who may be eligible for an equity release must exceed the age of 55.

Lifetime mortgages are accessible in three different layouts; interest only, interest roll up and home income plans. Lifetime mortgage plans may vary depending on the client’s circumstances. Interest only lifetime plans permit monthly payments of interest, whilst the mortgage can be repaid at the end of the contract. Interest roll up products may not be suitable for younger borrowers, as interest is rolled up over the term of the contract and repaid along with the mortgage debt at the end of the contract. Home income plans are more suited to elderly borrowers, as this lifetime mortgage product provides the individual with an annuity, enabling the borrower to receive a consistent lifetime income.

Equity release providers may also offer a home reversion equity release plan to individuals. A home reversion plan enables the plan holder to receive a cash sum, in exchange for the provider becoming entitled to ownership to a percentage share in the property. The plan holder can occupy residency at the property until they death, where the provider puts the house on the market for sale and benefits from the proceeds. Full home reversion plans and part home reversion plans can be arranged for individuals, although these will result in the applicant merely becoming a tenant of the property.

Although equity release providers may be of assistance when searching for a suitable and affordable equity release product, organizing an equity release scheme may lead to potential limitations. The income generated via the equity release scheme may limit the plan holder’s ability to apply for state benefits. As soon as the state benefits have been reduced, the equity release arrangement may not be as beneficial as initially assumed. Our equity release advisers carry the skills to come across the most efficient form of equity release available and with which equity release providers.
 
The diverse range of the attributes that accompany various equity release products may result in a misunderstanding among some individuals. Our specialist equity release advisers are supply each client with precise information regarding equity release, provides guiding them to find the most suitable form of equity release.

If you have any further questions on equity release, contact our equity release advisers today.

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This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.