Discover How Much Money you Could Release with Equity Release
Equity release can be a viable option for homeowners aged 55 and above who are looking to boost their income or release a lump sum of money without selling their property. Let’s explore how it works and how much money you could potentially release. Furthermore, to get a quick and easy estimate you can use our calculator.
Specialist advice personal to you
Specialist advice personal to you
Understanding Equity Release
Equity release allows you to access the equity tied up in your home, which is the difference between its market value and any outstanding mortgage or loans secured against it. There are various equity release plans available, but the two primary options are Lifetime Mortgages and Home Reversion plans.
- Lifetime Mortgages: With a Lifetime Mortgage, you take out a loan secured against your property, and the borrowed amount, plus interest, is repaid when you pass away or move into long-term care. The interest can be rolled up, meaning it is added to the loan balance over time, or you may choose to make regular interest payments.
- Home Reversion: Home Reversion involves selling all or a portion of your property to an equity release provider in exchange for a lump sum or regular payments. You retain the right to live in your home until you pass away or move into long-term care.
We no longer offer home reversion plans due to their declining popularity over time, and the increasing appeal of lifetime mortgage plans. Unlike home reversion plans, where you don’t retain ownership of your property, our lifetime mortgage plans provide a different approach. If you’re unsure about which plan is the right fit for you, our knowledgeable advisors are here to provide you with the guidance you need. Contact them today!
Factors Affecting the Amount You Can Release:
The amount of money you could release through equity release depends on several factors, including:
- Age: Generally, the older you are, the more money you can release, as the lender anticipates a shorter repayment period.
- Property Value: The higher the value of your property, the more equity you can access through equity release.
- Health and Lifestyle: Certain health conditions or lifestyle choices may enable you to access more funds through enhanced or impaired life plans.
- Type of Equity Release Plan: The specific type of equity release plan you choose will also affect the amount you can release. Lump-sum plans typically offer a higher release amount, while drawdown options provide flexibility but may release funds in smaller amounts.
An quick an easy way to gain an idea of how much you can release is through our free online instant calculator.
Consult a Qualified Advisor
To determine precisely how much money you could release from your property, it is crucial to seek advice from a qualified financial advisor specialising in equity release products. They will assess your individual circumstances, explain the options available, and guide you towards the most suitable plan for your needs. We believe that our advisor, Ian, is excellent at his job. We offer a no-obligation free chat with him for you to talk through any question and queries you have!
Why Choose Aspire Equity Release
Before considering any equity release provider, ensure you do thorough research, read reviews, and verify their credentials. Remember, equity release is a significant financial decision, and professional advice is essential to make an informed choice. That is why we prize transparency and professionalism when approaching this process. Take a look at our Google reviews, we think they speak for themselves!
Contact Us Today!
Unlock the potential of your home’s equity with our guidance. Contact us today to arrange a free, no-obligation consultation with one of our experienced advisors. You can find a contact form on the right side of this page or using our contact page.
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