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Equity Release products are designed for people over 55 to take cash value from their homes without having to move. There is a wide range of Equity Release products which can provide a valuable source of income for some people.
These schemes allow the borrower to stay in their home and benefit from the cash released from the equity of their property until certain events occur, for example moving into long-term care, or death. At this point the lender will be repaid, usually through the sale of the property.
There are different types of Equity Release Scheme, some of which mean ownership or part-ownership of the property passes to the Equity Release provider and others where a cash sum is drawn from a promise to repay the lender on the sale of the property. It is important if you are considering an Equity Release scheme to understand the differences between these scheme types and this is something we can help you with.
Equity release can be very useful in some circumstances, but it is essential to seek advice on whether it is suitable for you. We will help you understand if it is the right option for you, so please get in touch if you are considering an Equity Release scheme. Simmonds Mortgage Services is an expert in this market and will make sure you receive the right advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Simmonds Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
Registered Office: Simmonds Mortgage Services Ltd, Lexham House, Forest Road, Binfield, Berkshire, RG42 4HP. Registered Company Number: 1152 8784 Registered in England & Wales.
There may be a fee for arranging a Mortgage and the precise amount will depend on your circumstances. This will typically be £399.00 paid once the mortgage offer has been confirmed.
There may be a fee for arranging an Equity Release or Lifetime Mortgage and the precise amount will depend on your circumstances. This will typically be £799.00 and is due on completion of the mortgage.
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