Equity Release advisers in Birmingham & Solihull can advise you on mortgages that let you use some of the equity in your home to fund a regular income or to take as tax free cash to spend as you wish.
To qualify for an equity release mortgage scheme you must be:
- Aged 55-95 (both partners, if couple)
- Own a home worth at least £75,000
- Live within the UK (including Northern Ireland)
At present there are a variety of schemes available on the market:
- Lifetime Mortgages
- Drawdown Lifetime Mortgages
- Interest Only Lifetime Mortgages
- Home Reversion Plans
All come with their own advantages and disadvantages. So how do you know which one to choose?
It is a good idea to read up on the different types of equity release plans so you understand how they work, before getting independent advice from specialist advisers in Birmingham & Solihull.
Equity Release Safeguards
RM Mortgage Solutions recommend that you consider SHIP (Safe Home Income Plans) approved equity release schemes. SHIP were set up in 1991, providing homeowners with an extra safeguard when taking out an equity release mortgage.
SHIP approved plans guarantee that you:
- Will never fall into negative equity; meaning you will never owe more than the value of your home.
- Have the right to remain in your home for life, or for as long as you choose.
- Have the freedom to move to another property without financial penalty (subject to provider criteria).
If you are considering releasing money from your property then it is highly advised that you speak to independent equity release brokers in Birmingham & Solihull to discuss your financial options.
Learn more from Equity Release Advisers
With a range of equity release schemes on the market, we recommend that you take advice from specialist equity release brokers in Birmingham & Solihull who can help you decide which one is right for you.
It may be the case that you are eligible for an enhanced lifetime mortgage scheme, which takes into account your health and lifestyle and may see you able to release more cash from your home.
At RM Mortgage Solutions Ltd we can refer you to an equity release specialist who will be able to provide advice and discuss your options further. Book an appointment with your specialist Birmingham & Solihull equity release advisers today to find out more.
Equity Release may involve a lifetime mortgage or home reversion plan. To understand the features and risks always ask for a personalised illustration.