Equity release is something that can be a godsend for some people, but many people are still wary of it. Equity release allows you to use some of the value on your home, but ultimately it also devalues your property, which means you leave behind a smaller inheritance.
There are different kinds of equity release schemes out there, all different from each other not just in the way you receive payments, but also different in the way you can pay interest to the lender. Some equity release schemes interest only allows you to maintain the value on your home after you`re gone, as when the scheme was purchased.
There are mainly two types of equity release schemes that allow you to either borrow money against your property as collateral or to sell part of the home, in value. Money is recovered in the form of interest and by taking part of the selling value of the home.
Equity release schemes are becoming increasingly popular today, and thanks to the large variety of schemes available, they are proving to be a useful option for many. However, it is important not just to shop around for equity release products, but it`s also important to understand the scheme thoroughly before setting it up. First Choice Finance have a large panel of equity release providers and we search to find the best plan, that meets your needs & requirements.
There are equity release calculators to help you understand what is available to you. There are also comparison sites out there that can help you compare the different schemes on offer, but here at First Choice Finance we believe in the personal tuch and will provide you with a dedicated adviser to answer your questions and search for the best plans.
There is a wide range of equity release schemes available out there in the market. There are a number of variables involved in equity release schemes and each product is different from the other in some way. It can be confusing to sift through all the available options and find the right equity release scheme to suit you.
Equity release can be a very useful option for some people. But it can also be the wrong option for some. It is therefore important to understand how equity release schemes work and to think about both the short term as well as long term repercussions of setting up an equity release on your property.
Before you start shopping around for equity release schemes, it may be useful to seek independent equity release advice and understand whether it is the right option for you. Equity release schemes affect not just you but your successors as well. It is therefore advisable to take your close family into confidence while setting up an equity release scheme.
Once you are absolutely certain that you want to set up an equity release scheme, you can start shopping around for the right scheme. Equity release is offered by banks, building societies, equity release companies and insurance companies as well.
Explore as many schemes as you can until you understand how different types of schemes work. it is also important to understand how the schemes work in case you decide to opt out or cancel the policy, as it can be very difficult to opt out of equity release schemes once they have been set up.
Equity Release Lifetime Mortgages
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
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