So, you’ve seen the adverts on TV for equity release, or lifetime mortgages and wondering how this would fit in with your circumstances? Let us explain. Equity release in York is available to people who are aged 55 or over and is a great way of releasing any cash you may have tied up in your York home. You can access the amount you choose as a lump sum, or you can reserve a particular amount and draw it down as and when you need it. The best part being, that if you so wish, you don’t need to pay a penny back. It can all be taken back from your estate when you pass away. No need to worry about negative equity either, as the maximum you can draw down, is 60% of the value of the property.
That said, over the years we have found that some clients do like to repay some of the debt rather than leaving it to increase over time. Many of the lenders we deal with are flexible and will allow you to make payments to either repay the debt, reduce the increase or to just cover the interest so the debt remains the same.
As proud members of the Equity Release Council, Steeples Mortgages in York are at the top of our game and can help explain things to you and make it somewhat more straightforward. If you want your family to be involved, no problem. In fact, we’d advise that you do involve them, as they will be the ones to look after your estate once you’re not here any longer.
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.