Many people, whilst they may not have a large pot of cash in the bank, have spent many years paying off a mortgage to build up equity in their home. And while property values are no longer racing ahead as they did, most people find their home is worth considerably more than they paid for it.
Even if you have an existing mortgage on your home, you may still be able to benefit from equity release. You should remember that taking out a lifetime mortgage will involve a loan being secured on your home.
While every lifetime mortgage is different, you’ll naturally want to have a rough idea of how much you could release. You can only release up to a maximum percentage of the value of your home. This will vary on your individual circumstances and will be based on a number of factors such as the plan you choose, your age and the value of your property. If you or your partner have any health or lifestyle conditions, you may be able to release a higher amount.
Retirement Line do not provide an equity release service. If you are at all unsure of which options suit you, we can refer you to an independent equity release specialist.
Call us now to arrange a meeting with an equity release specialist on 0800 652 1352