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Equity Release Advice Essex

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Equity Release Advice Essex

With numerous equity release products or alternatives available, our experts will help you find the right solution for you.

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How does equity release in Essex work?

The term equity is the difference between the remaining amount on your mortgage and the current value of your property. The purpose of Equity Release is to convert the amount of equity that is currently sitting within your home and turn it into a lump sum of cash, which can be used for anything you want.

We tend to find that some of the most common reasons why people release some equity from their home include paying off an existing mortgage payment, resolving any unsecured debts they have accrued over time, or putting it towards some home improvements / renovations.

Others choose to pay for holidays or gift the money to a family member to use for a deposit to purchase a home. Your later life mortgage advisors in Essex will take an in-depth look at your current situation, your past experiences and what you are looking to achieve in the future. This allows them to determine whether equity release in Essex, or an perhaps something else, is the right step for you to take.

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Equity Release Advice Essex

Lifetime Mortgages in Essex

Equity Release is usually presented in the form of a Lifetime Mortgage. How Lifetime Mortgages will work, is once you have reached the end of your mortgage term or even if you are still making repayments, you have the choice to release some equity through a Lifetime Mortgage.

As long as you remain living in your primary residence, some Lifetime Mortgage lenders will allow homeowners to take out a portion of the equity to contribute towards any family inheritance down the line. A very useful tactic to supply a gifted deposit to a friend or family member, helping them buy their first home and get onto the property ladder.

If you are able to afford the monthly repayments back to your mortgage, some homeowners with Equity Release can choose to allow their interest to build up over time. The loan will only become payable under the circumstances that you’ve passed or have moved into long-term care.

If you are looking for equity release or lifetime mortgage advice in Essex, you will benefit from getting in touch with a specialist Equity Release mortgage advisors in Essex.

Is equity release in Essex right for me?

A qualified later life mortgage advisor in Essex can determine whether equity release is a suitable option for you based on your plans and goals for your home later in life. Before considering equity release, your advisor will review alternative options that may be better suited to your needs.

Ultimately, the highest value solution for your long-term needs will be the focus. Family members may also be involved in the discussions, if you wish.

Rest assured, if equity release is not the best option for you, your advisor will be transparent in their service and help you explore other potential solutions, even if this means referring you to an external source.

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Equity Release FAQs in Essex

What key thing are to remember with Equity Release?

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Make sure you fit the criteria when looking at Equity Release and Lifetime Mortgages, in order to be qualified you have to be over the age of 55.

The current value of yours will have an impact on the amount of equity you are able to withdraw from your property.

If you are looking for equity release or lifetime Mortgage Advice in Essex, you will benefit from getting in touch with a specialist Equity Release Mortgage Advisors in Essex.

Book your free mortgage appointment today to speak with one of our dedicated Mortgage Advisors in Essex and they’ll be more than happy to help you in any way that we can.

To understand the features and risks, ask for a personalised illustration. Equity Release may come in the form of a lifetime mortgage or home reversion plan.

A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means tested benefits. The loan plus accrued interest will repayable upon death or moving into long term care.

A home reversion plan involves selling all or part of your home to a plan provider in exchange for a tax-free lump sum.

What is equity release in Essex?

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If you’re a homeowner in Essex who’s aged 55 or older and your property is valued at least £70,000, you may be eligible for equity release in Essex.

This option allows you to release money from the value of your home through a lifetime mortgage. Unlike a conventional mortgage, you’ll still own your home, and the loan will be secured against its value. Eventually, your later life mortgage lender will need to be repaid, typically from the sale of your home after you’ve passed away or moved into long-term care.

Do I still own my home if I take out equity release in Essex?

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By taking out equity release in Essex, you’ll maintain full ownership of your home. This means that after you pass away or transition to long-term care, any remaining equity balance will be repaid from the sale of the property. Whatever is left will either go to you or your estate.

What are the benefits of a lifetime mortgage in Essex?

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A lifetime mortgage offers several benefits, including the flexibility to choose what happens with your monthly mortgage repayments. Although you’ll have a balance to repay, it’s common for people to let the interest roll up and avoid making monthly payments.

However, it’s important to remember that your home will be sold to pay off the remaining mortgage balance after you pass away or move into long-term care. If you don’t make monthly payments, there may not be any inheritance left for your loved ones to inherit.

Is there anything else I need to do for equity release in Essex?

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In addition to consulting with a later life mortgage advisor to determine if equity release in Essex is the right option for you, it’s also recommended to consider any future arrangements that may need to be put in place. Many customers find it helpful to discuss equity release in Essex with their family, update their will, and arrange for lasting powers of attorney.

It’s important to do so because after your death, your family members may become beneficiaries or attorneys who are responsible for selling your home to repay the lifetime mortgage in Essex that you took out. Planning ahead can simplify the process and may even reduce costs in the future.

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Our Simple Mortgage Process

Free 30 Minute Chat About Your Future

Step 1

During your free initial appointment, our later life mortgage advisors in Essex will discuss your inheritance plans and goals.

Alternatives to Equity Release

Step 2

Equity release and lifetime mortgages are the last options we'll look at for you, as an alternative can be better suited to your situation.

From retirement mortgages to possible charity participation, we'll look at the best options for you before releasing equity from your home.

Discuss With Family / Trusted Parties

Step 3

Because of the importance of later life mortgages, we actively encourage customers to involve family or trusted parties to participate in discussions.

We'll make sure you review all your options, plans and any more information you need to know in detail so you know what you agree with.

Tailored Lifetime Mortgage Recommendation

Step 4

If equity release is not right for you, your later life mortgage advisor in Essex will refer you on to the appropriate services for your plans.

That said, if equity release is right for you, your advisor will make a tailored lifetime mortgage recommendation, factoring in any inheritance plans you have.

I have Equity to Release, can you help?

Free Mortgage Review

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Having worked in the industry for over 20 years, we have been able to help many customers towards reaching their home buying dreams.

We’ll offer you our continuous support, answering any questions that crop up over time, whether we’re near the start or near the end of that journey.

1000s of Deals

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As an expert Mortgage Broker in Essex, our team can search 1000’s of mortgage deals, in order to try and find the most suitable one for what you’re looking to achieve.

Our Service

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Here at Essexmoneyman, we have experienced Mortgage Advisors in Essex. We aim to help customers with all of their Equity Release & Lifetime mortgage questions and enquiries. Our Equity Release Mortgage Advisors in Essex will be more than happy to take a look at your case.

Working alongside specialists in Equity Release & Lifetime Mortgages, we can help you with any other standard remortgage enquiries if that is what you are hoping to achieve as your fixed period draws nearer.

7 Days a Week

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Our experienced Mortgage Advisors in Essex are even able to refer you to a trusted conveyancing solicitor. You the customer are the heart of the business, and our Mortgage Advisors in Essex are very proud of the service levels we are able to provide, something that is reflected within our customer reviews.

Malcolm and Amy Davidson - Mortgage Advice in Essex

Finding you the Right Equity Release Deal in Essex

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Popular Options For Equity Release in Essex

Release Equity Scenarios

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There are a wide variety of different reasons as to why somebody may wish to obtain a Lifetime Mortgage when speaking with a Equity Release mortgage broker in Essex.

Below we have listed the most popular reasons customers talk to us about Equity Release in Essex, these include, but are not limited to;

– To repay a mortgage
– Any additional purchases
– For paying off unsecured debts
– To pay for any home improvements, modifications or alterations

Equity Release to Pay Off an Existing Mortgage

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You may be eligible to take out a Lifetime Mortgage for Equity Release in Essex, using your released equity to pay off the remainder of your mortgage balance, if you have a term that is currently ongoing.

Just remember, your affordability will be affected by this, as technically you still have a large financial commitment that you are paying for. This may limit how much the mortgage lender will lend to you.

Equity Release to Pay Off Unsecured Debts

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Since your mortgage repayment is a secured debt, with the asset it’s secured against being the home you are currently in. Unsecured debts include personal loans that you have taken out, and they don’t have the luxury of being secured against an asset of any kind.

Equity Release for Home Improvements, Modifications or Alterations

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Some homeowners look to Release Equity in Essex to raise the additional funds for any potential home improvements, alterations or modifications.

Similar to remortgaging to release equity but with the difference being that a remortgage to release equity is generally taken out using a repayment mortgage, whereas regular Equity Release means you will be taking out a Lifetime Mortgage instead.

If you have any credit problems such as these, we tend to find some homeowners who will choose Equity Release in Essex, to cover the costs of any unsecured debts that they have built up over a length of time.

We tend to find that these improvements include creating a home office as working from home is becoming common, extensions, conservatories, kitchens, garden improvements, and new living rooms.

Equity Release for Additional Purchases

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Once you have released some equity from within your home, you are able to spend it on anything you want.

Some homeowners choose to use their equity to cover financial bills, whereas others may choose to release equity to go away on holiday, buy a new car, have a wedding for yourself, or use it as a means for a gifted deposit for someone you care about.

Mortgage Guides & Essexmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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