What Is The Minimum Age For Equity Release

What Is The Minimum Age For Equity Release

Equity release has a minimum age of 55, but there are options for releasing equity for the under 55`s such as by remortgaging, taking out a retirment interest only mortgage or considering home owner secured loans

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The Minimum Age For Equity Release Is 55 Years Old. There Are Other Products Available To Use Your Equity If Equity Release Plans Are Not Suitable For You.
First Choice finance have equity release solutions for both the over 55`s as well as remortgage options and home owner loans for those of us who are under 55. When looking at taking out equity release your age will have a factor on the amount you are able to borrow as well as which plans are available, another factor is your health, if you are in ill health this can also allow you to release more funds from your properties equity.

Why Is Equity Release A Popular Concept Among Pensioners?

Retirement is a time that can be well spent doing things we enjoy and not just the things that we have to do. It is often called the golden period of one`s life, and this can be true for many of us. However, the fundamental thing that is needed for a comfortable and enjoyable retirement is enough income.

Retirement income is usually dependent on pension schemes. There are other ways to manage your wealth and add to your income in order to enjoy a financially secure retirement. Equity release is one of these ways. It is a way to release the equity built up on your property and use it while continuing to live in your home.

There are a number of equity release schemes, each one with differences that can make it either more or less suitable for you. Equity release can be done in two ways, either by selling part of the property or by taking a loan against the property. There are some equity release set up costs associated with setting up the scheme.

After taking care of these costs and setting up an equity release scheme you get money from the lender either in monthly installments or as a lump sum depending on what type of scheme you have chosen. So how does the lender get their money back?

The lender gets their money back when the house is sold. And the house is sold only when the occupants have died or moved into permanent care. It is worth your while shopping around for equity release schemes offered by different providers.

Financial Planning for Retirement

Financial planning is important at any stage in life. Even a simple thing like making a weekly budget counts as financial planning! However, there are times when making a weekly budget is not enough. Proper financial planning can make retirement a comfortable and enjoyable time.

There are many aids and tools out there to afford financial security during retirement. Pension is usually the primary source of income during retirement. Employers provide pension schemes, and thanks to the open market option, employees are free to choose the scheme offered or shop around for a better scheme.

There are times when pension may not be enough to maintain the same lifestyle that you did when employed. There are ways to supplement pension with an additional income. Equity release solutions allow you to generate liquidity against your home. This is a great way to use some of the equity on your home without moving out.

Having property to live in, but not enough liquid cash is a common problem among pensioners. It is this problem that equity release schemes address. The lenders recover their money after the property is sold.

It is important to understand that equity release schemes reduce the value of the property so that when the property is sold, it will get less than market value since some part of its equity will already be used.

Equity Release Lifetime Mortgages
This is a lifetime mortgage. To understand the features & risks ask for a personalised illustration.
Our fee is 1.7% (min £985) only payable upon completion
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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.



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.

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected.