The property market suffered terribly with the global economic crisis. A lot of people were forced to sell their homes for far less than what they bought them for. If you managed to weather the storm of the crisis, well done.
Thankfully, the property market has begun to recover and the value of homes has been increasing steadily over the last few months. This means that you can finally start to take advantage of your years of hard work and begin to enjoy life in the manner that you deserve to. Even if you do not have the cash flow.
The value of your property is likely to increase over time (property market crashes do not occur often) so it makes sense to release equity while you have the chance. Below some of the most frequently asked questions about equity release schemes are answered.
The answer to this is relatively straightforward – anyone over the age of 55 can apply for equity release. Basically, you have done your time as a member of society who contributes towards the economy and are looking forward to some time off to unwind. You do deserve it after all.
Another thing that affects your eligibility is the value of your property. Each lender has a different minimum amount and you need to check this with them in order to ensure that you do in fact qualify for equity release.
This is one of the most commonly asked questions by those who are interested in releasing equity on their homes and depends on a number of factors which are listed below:
Your age – this may sound terrible but the older you are the more equity you are eligible for. Financiers are counting on you heading up to the place in the sky if you are older.
Your health – individuals with health problems qualify for more benefits as they need them more urgently.
Your gender – it is well known that women outlive men which is why men normally receive more equity.
The value of your property – while this might seem obvious it is important to remember that if you own a property worth £500,000 you are going to get twice as much equity as someone who owns a property worth £250,000.
How long does it take for the money to come through?
While it does vary from lender to lender, the process normally takes between six and eight weeks from the time that you initially contact a lender. This time frame includes a separate valuation of your property as well as all of the necessary paperwork that needs to be processed.
Can someone else live in my house if I am on equity release?
The short answer is yes. You too might have grandchildren under your care who need a roof over their head. The only thing here is that if they are over 18 they need to sign an acknowledgment form.
Equity release solutions for a qualify life
Equity Solutions Ltd., 2-4 Palmerston Road, Southsea, Hampshire, PO5 3QH.
You can also contact us by phone 01632 960227, or you can send us a message here: