Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Equity Release will reduce the value of your estate and can affect your eligibility for means tested benefits.
You worked hard to buy your home. Is it working hard for you in retirement?
Are you retired or approaching retirement? Are you perhaps facing a stark time in retirement because you have insufficient funds? Or just don’t want to have to sell your long-term family home (with all its emotions and memories!) to fund a lifestyle?
Don’t worry as there is a potential solution: a lifetime mortgage or equity release. You don’t have to vacate your house, within certain limits.
A lifetime mortgage enables you to take advantage of the equity in your home without having to sell it and without having to make monthly mortgage repayments. You can take money out as an income or a lump sum or a combination of both. You, of course, incur interest on the loan but this is simply added to the loan, which is repaid when you die or move into long-term care.
Equity release is a complex area needing specialist advice. If you are interested in this area Park Grove Mortgages can introduce you to someone who has the expertise to help you.
This is a lifetime mortgage. To understand the features and risks of lifetime mortgages ask for a personalised illustration on 0333 666 1066 or email us (email@example.com).
A fee typically 1% may be payable on receipt of the mortgage offer. We may also receive a fee from a lender. Specific fees will be discussed at the outset of any business and agreed prior to any application.