How does equity release in York work?
If you are a homeowner who is over the age of 55, either with or without a mortgage to your name, you may qualify for taking out an equity release plan. Equity release plans will give you the option of release a particular amount of your homes value, into a tax-free lump sum or even as smaller sums that you can take out over a duration of time.
Yorkmoneyman specialises in providing a complete service with mortgage advice in York brought to you by qualified and experienced later life mortgage advisors in York. This is backed up by an hard working and dedicated team of case managers, who will make sure that your plan is put in place as quick as we are able to do so, ensuring you are kept up-to-date all throughout your process.
Your trusted, open & honest later life mortgage advisor in York will take an in depth look at your current circumstances, your past experiences and what it is you are hoping and looking to do in the future. This allows them to identify whether equity release in York, or perhaps a more suitable alternative, is the right option for you.
If this option is appropriate for you to continue with, it also allows your later life mortgage advisor in York to find the best product that matches up with both your current and future situation, from the whole of the market.
There are two main types of equity release in York that customers may be able to utilise – the lifetime mortgage which is available from the age of 55+ and the home reversion plan* (which involves selling all or a portion of your home).
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*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority.
Lifetime Mortgages in York
Whether you are hoping to help out your children or grandchildren by raising money, to repay existing mortgages or other debts you have, carry out home improvements or boost your retirement income to help with things like the increased costs of living, our experienced, friendly advisors will work hard to help you accomplish your plans.
A lifetime mortgage in York gives a homeowner the ability to release tax-free money from the value of their home. You will still retain 100% ownership and you can stay in your home for the remainder of your life.
Typically speaking, a lifetime mortgage in York will be repaid to the provider from the sale of your home after your death or have permanently into care (if there are two borrowers, this will apply to the last survivor).
In recent times, lifetime mortgages in York have become a lot more flexible in how they function, including options for homeowners to make voluntary payments, monthly interest payments and even move their mortgage to another property.
For any additional mortgage advice in York when thinking about equity release in York, it is always worth your time seeking out the advice and support of a trusted specialist in the field, who has experience in helping homeowners like you to release equity.
Book a free later life mortgage appointment with a mortgage broker in York and benefit from speaking with one of our later life mortgage advisors, who will go over all of your options for releasing equity in York.
To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.
A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.