How does Equity Release in Hull work?
An equity release plan applies to those who are 55+ and own their home with or without a mortgage, subject to eligibility.
The way the equity release plan works is by releasing some of the value of your home as a tax-free lump sum. Alternatively, you can have this release in smaller parts over a specific length of time.
Here at Hullmoneyman, we are experts in providing a friendly and comprehensive service. This professionally delivered Mortgage Advice in Hull is from our qualified Later Life Mortgage Advisors. We have a professional team of case managers that are there to ensure that your plan is put in place as swiftly as possible.
Within the process, your dedicated Later Life Mortgage Advisor in Hull will be there to provide you with the suitable help and support you need. They will look into your current situation, your past experience and your goals/plans for the future. By doing this, they can get the full picture of your situation and whether Equity Release in Hull, or an alternative, is appropriate for you. This is all part of the tailored service we provide.
If equity release is practicable for you, your Later Life Mortgage Advisor in Hull will source the best product that will be appropriate for both you in the present and in the future from the whole of the market.
When it comes to Equity Release in Hull there are two types, one being a lifetime mortgage which is available for 55+ and the home reversion plan (which involves selling all or part of your home).
*Both types of equity release plans, lifetime mortgages and home reversion plans, are regulated by the Financial Conduct Authority. Hullmoneyman does not offer home reversion plans.
Lifetime Mortgages in Hull
There are many reasons why you may look at the option of a lifetime mortgage including raising money to help out children or grandchildren, repaying an existing mortgage or other debts, carrying out home improvements or boosting your retirement income to help you with the increased cost of living. Whatever your reasons are, our caring advisors can help you with your mortgage goals.
A Lifetime Mortgage in Hull provides you with the chance to release tax-free money from the value of your home. By doing this, you will keep 100% ownership and you can stay in your home for the duration of your life.
Usually, a Lifetime Mortgage in Hull is repaid from the sale of your home following your death or going into permanent care (with two borrowers this applies to the last survivor).
Over the last few years, Lifetime Mortgage in Hull has become increasingly more flexible with additional options where you can make voluntary payments, monthly interest payments and move your mortgage to another property.
If you are looking for more Mortgage Advice in Hull concerning Equity Release in Hull, it can be helpful to look for advice from a specialist in the field.
Speak to a Mortgage Broker in Hull, and our team will be able to book you in with one of our Later Life Mortgage Advisors who can help you explore your options for releasing equity in Hull.
Get a Quote01482 772986
To understand the features and risks, ask for a personalised illustration. Our typical advice fee is up to £1,495 only payable on completion.
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.