Are you heading into retirement? Perhaps you have a situation where you need money and you own property? Sometimes retirees are property rich, but cash poor. In fact, this is the case with many retirees who have either retired at 65 due to employment issues or retired before the two recessions and are now suffering from a significant loss to their pension savings and investment accounts. If you are in trouble, but you own your property, then consider the interest only mortgage. You have a mainstream interest only product that is great for anyone who has yet to retire. You […]
Equity release is a secured loan obtained against a property like any other residential mortgage; however, the main difference is that you are not required to make any monthly repayments of the capital loan sum. Security of tenure is therefore an important consideration for any applicant. This reassurance is provided by the industry trade body known as SHIP or the Safe Home Income Plans. You have multiple options with equity release such as drawdown equity release, lifetime mortgage, interest only lifetime mortgage, enhanced lifetime mortgage and home reversion.
The lifetime mortgage is one of the most common equity release schemes […]