Equity Release For Over 55s
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Equity Release For Over 55s
Equity release for over 55s
If you are over 55, your equity release options typically become available.
At this point, most people are beginning to consider their retirement, and how they are going to live. A number of providers offer equity release solutions for people of this age group, allowing them to take equity out of their property and use it however they choose.
Home reversion plans and lifetime mortgages are both ways to release equity.
Remortgaging is also a way of releasing equity in a property and may be more suited to under 55's.
Lifetime Mortgages
Lifetime mortgages provide those aged 55 and over, owning their own home, with the ability to unlock money tied up in their houses.
There are generally no monthly repayments, and the homeowners remain in the property for as long as they wish. The borrowing is paid out in a cash lump sum, the amount is dependant on your age and the value of the property.
Home Reversion Plans
A Home Reversion Plan is another form of equity release for older homeowners. Generally, to apply for a home reversion plan, the applicant must be aged over 65. Home Reversion Plans allow you to sell up to 100 per cent of the property. You do not receive the full market value of the share that you sell because you remain living in the property rent free for the rest of your lives.
The amount of equity that can be released in a property will depend upon age, sex and the value of the house, as well as the percentage that you wish to sell of course.
In order to be eligible for a home reversion plan, your home must be worth at least £75,000 and either freehold or leasehold (restrictions apply.)
More information on home reversion plans.
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