Equity Release
Finance
Wizzard Offers Information & Advice on Finding The
Very Best
Equity Release Mortgage Lenders.
Compare Equity Release Mortgages.
The
equity in a person's house is the excess of its
value over the amount of any loan secured on it. For
a house without a mortgage, or where it has already
been paid off, it will be the total value of the
property. Many people have a great deal of money
tied up in the value of their house. An equity
release mortgage can covert some of that money into
cash, a process that is normally known as 'equity
release'.
Sometimes people want to release
equity in their homes because they need cash for a
particular purpose. This might be for home
improvements. A second mortgage or further advance
from an existing lender can achieve this, but would
require additional payment.
Equity release mortgages, or home
reversion schemes are a fairly simple and
straightforward way of using your property to raise
a cash sum, without having to make any additional
ongoing payments. You continue to live in your house
for as long as you and your spouse are both alive,
on a lifetime guaranteed rent-free lease. You do not
have to pay anything back during your lifetime and
you can move to another house at any time.
The lender normally releases a
cash sum that is less than the value of the
property, in order to take into account the absence
of rent for possible a very long period . Their
investment is returned to them by selling your home
after the death of the last survivor of you and your
partner.
Before you take out an equity
release mortgage you are advised to take
professional advice, as well as ensuring that the
scheme belongs to the SHIP (Safe Home Income Plans)
Code of Practice.
There are a
number of companies who can provide Equity Release
Mortgages. Remember to compare different
Equity Release Schemes and take professional
Financial Advice.
Find the
Best Financial Packages
At Finance Wizzard, we regularly update our pages
with the very latest financial offers. Find
the best mortgage rates, cheapest loans, best
insurance quotes and more.
Read the
Latest Financial News
We regularly update this site with the very latest
financial news. Read the Financial Articles,
and review the latest financial products.
Follow the links to the left to find information &
advice on the Financial Product or Service you are looking for.
