Archive for the ‘Home Reversion Plan’ tag
Confidence in the Equity Release Market Grows
Figures released by Safe Homes Income Plans (SHIP) indicate that equity release schemes are growing in popularity as the market stabilises.
Considering Equity Release in 2010? Equity Release Questions Answered.
Christmas is in full swing and trees are filling up with presents as consumers make the most of the last weeks of 15% VAT. In January, VAT will return to 17.5% and, despite forecasted improvements in the UK economy in 2010, many homeowners might be looking for other ways to supplement income like equity release.
Guide To Home Equity Release Plans
Home equity release could be the key to unlocking the money tied up in your home and could mean the difference between a carefree, enjoyable retirement and a constant struggle to pay the bills.
Home equity release plans allow you to boost your income substantially by freeing up all or part of the value of your home. There are three main categories of home equity release and within each of these there are many different plans. They are lifetime mortgages, drawdown lifetime mortgages and home reversion plans. Each type of home equity release plan is summarised below to give you an idea of what’s available. Talk to a home equity release specialist before deciding which plan to go for.
Is an Equity Release Lifetime Mortgage for you?
An equity release lifetime mortgage is proving to be an ideal solution for many UK homeowners over 55 who feel that their pension funds or current savings aren’t stretching enough for them to lead the life they want. That’s because an equity release lifetime mortgage allows you to unlock the value tied up in your home and you can use the cash as you wish without having to make monthly repayments or move out of your home. As with all financial planning it needs to be considered carefully alongside other financial options, which is why it’s important to get the very best advice from a trusted equity release lifetime mortgage provider.
What is a Home Reversion Plan?
Unlike a lifetime mortgage and drawdown lifetime mortgage where you remain the homeowner while you live there, with a home reversion plan you actually sell part or all of your property in return for an income or lump sum of tax-free cash whilst still retaining the right to live in it rent free for the rest of your life without having to make any repayments.
With a home reversion plan you don’t necessarily have to sell off all of your property, you may decide to release equity on only a fraction of your home, thus guaranteeing an inheritance to your beneficiaries. Typically home reversion plans aren’t as popular as lifetime mortgages for the reason that many people prefer to retain full ownership of their home.
