You can define your home’s value minus any unpaid mortgage on it as your’ equity.’ You can free any, or all, of the money you’ve tied up in your home using a process called equity unlock. Do you want to learn more? Visit Equity Release Mortgage . When you proceed with an equity release mortgage, you can earn a tax-free cash lump sum or extra income that you can invest in any manner you want (home improvements, holidays, debt repayment, family assistance, etc.). For the rest of your life, or until you go into long term care, you get to stay in your home.
If you are seriously interested in doing this, then you should get professional advice, as it is not always the right decision for everyone, although it can give you financial freedom. When you get in touch with a company that arranges equity release mortgages, they will arrange a free no-obligation consultation with one of their consultants, who will speak to you through the available options and make suggestions.
Your equity release advisor will explain exactly what is involved in the terms of the layman and will provide you with a report that you can explore your leisure time with. Their report should explain what they believe is the best course of action for you to take, the reasons why it affects you, all the facts and figures and any expenses or charges associated with the program.
You don’t need to make an immediate decision to your lawyer. When you decide to go ahead, just email them and tell them that. They’ll take care of all the paperwork for you and keep you updated about what’s going on at any given time. They will talk on your behalf to your lawyer and plan provider to ensure that everything goes smoothly, right through to the moment you get your money.