Equity release is among the fastest growing area of personal finance. However, in case you are considering equity release, then you will nee dot be aware that doing so can impact the kind of benefits that you will get and thus affect your care funding. Equity release includes a wide range of products which gives you access to the equity or cash that has been tied up in your residence in case you are over fifty-five tears of age. You will be able to take the money you release either a lump sum or as a smaller amount in a number of times or even both of them. Check out for the Ravenwood Services for best results.
There exist two kinds of equity options which include the lifetime mortgage as well as the home reversion. A lifetime mortgage is where you will take out a mortgage which has been secured on your property but only if t is your main home as you still retain its ownership. You will have the options of choosing to ring-fence some of the property value as an inheritance for your family. It is also possible for you to make repayments or even let the interest roll up. The amount of the loan, as well as the interest accrued, will be paid back after you have died per after you have moved to a long-term care. You can also check this link for more info about equity release.
The second type of equity release is the home revision.
This is where you will set a part or the whole residence to a provider of home revision and then you get a lump sum or the regular [payments in return. It will be your right to continue living in that property till you die, rent-free though you will have to make an agreement of maintaining the house in a good condition and also ensuring it. It will be possible for you to ring-fence a certain percentage of your home so that you can use it later or even for the purposes of inheritance. The percentage you will retain will remain the same despite the changes in the value of the property unless you take a decision to take further cash releases. After the plan is over, your property will be sold and the sale shall be shared according to your remaining portion of the ownership for the property. These are just but some of the things that you will need to know about equity release.
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