What options do you have later in life when you need to access money tied up in your house? In our next Mortgage Heroes Podcast episode, we’re back with Lee Carthew discussing all you need to know when planning a mortgage into your golden years.
Equity Release is where you release the equity in your property to be used for pretty much anything you like, as long as it’s legal! This may be home improvements, gifts to family, additional income or new cars. The main difference is that most Lifetime Mortgages are open-ended, whereas a residential mortgage usually has a term associated with it!
It gives you a little bit more freedom heading towards retirement. The affordability assessment is different to an average mortgage, too – these are based on your Age vs the property value.
The older you are, the more you can lend. Pretty straightforward, right?
Equity Release isn’t for everyone, so you should make sure you’re booked in with Lee to see if it’s the right option for you or your family.
Make sure you watch/listen to the full Mortgage Heroes Podcast episode with Lee, click here for more.
Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.