Equity release expert Mark Gregory is back this week to help a reader understand how much equity they could take from their home?
The Question
Please could you help me regarding an equity release query? I own a house which is valued at £395,000 and I am aged 61. I still work part-time. I am considering equity release. Will I be eligible and what is the maximum amount of money I could release?
Mark’s Answer
Thank you for your enquiry and based on the basic information you have provided you may be eligible to qualify for equity release.
If you have access to my website www.equityreleasesupermarket.com you will find lots of informative and interactive information that you can use to help you understand and research equity release.
For example, with smartER, the equity release comparison tool, you can obtain personalised information tailored for you www.equityreleasesupermarket.com/smarter
I can confirm that with over 20+ years’ experience of equity release, I have witnessed some excellent provider enhancements including the addition of cash reserve facilities (drawdown), the option to make no payments (roll-up), make flexible, committed or contractual payments to the lender depending on your unique situation.
For example, Legal & General have a hybrid plan where somebody aged 61 with the same property value as yours could get access to £218,040.
However, in return Legal & General would require a contractual payment for a number of years before it could convert to a plan where no payments are required.
Alternatively, JUST may be able to give the same person access to £137,855 and payments can be flexible, ad hoc or that person may prefer not to make any payments at all.
As you will see there are many features with equity release and later life capital raising including payments, cash reserve facilities where the maximum amount of capital is not initially required, fixed interest rates, early repayment charges, enhanced capital depending on your health and inheritance protection to name just a few.
Therefore, to understand your own requirements, you can start your own research on the website or contact one of our expert advisers who can help with any questions you have without obligation.
With any financial product it is best to take your time, and understand your personal requirements, take professional advice and then you can feel assured you have the best solution.
Meet our expert…
Mark Gregory, founder and CEO of Equity Release Supermarket, is here to answer your questions. Mark is an adviser himself with over 20 years equity release experience.
He launched Equity Release Supermarket 10 years ago and it has grown to become one of the UK’s leading equity release specialists.
Email kate.saines@emap.com to ask Mark a question
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