Home Equity Release Loan

As we move into retirement we may find most of our wealth is tied up in our homes. There are ways to release some of the equity this is called Home Equity Release loan. By doing this it allows you to do some of the things you wish to do but may not have the funds to do so.

How does Home Equity Release work?

Basically you take out a loan on the amount of equity you have on your house, how much of it you own. That equity is used as security. You do not have to worry about paying the loan off or even making repayments unless the house is sold, you move or you pass away.

What can I use my loan for?

You may enjoy where you are living but find you need extra finance ie: your house is a little run down and needs maintenance, or it needs alterations so you can move around it easier as your mobility needs change. How about that overseas trip you never ended up affording or your car needs upgrading.

Who should I see about a loan?

Do get good legal advice on these types of loans as they are not designed for everybody. There are also strict guidelines to receiving one. An expert on these type of loans will design a plan that is right for you. There are a number of experts who will guide you through this. It is also a good plan to discuss this type of loan with someone who has taken one of these loans out.