Equity Release

NeedtoKnow

Equity Release is Raising monies from your proprty usually
by way of a Lifetime Mortgage.This is something that should be considered carefully.You can raise a lump sum to use as you require but it will be subject to Compound Interest.This is added to your loan and will affect you legacy in the future.Depending on the length of your lifetime your debt against your paid up property can double what you borrowed or over longer periods triple.The original monies may well have been enjoyed but in later years you will have to look forward to an annual statement whicn will rise year on year Talk to your families,look for alternatives.Theres no guarantee as to house price inflation or deflation maybe reducing your debt in the futureThis is your lifetime been spoken about.Be careful

glosoli

Interesting.

Thrugelmir

For some people enjoying their equity while they can is worth every penny. After all you cannot take it with you.

merrydance

If you pay the interest every month the orginal sum you borrowed does not get any bigger. This was a life saver for my husband and me. We paid off our credit cards which had huge apr interest rates on them. We hope to sell our house in 5 years, (no fee after this on our loan), downsize and pay back what we borrowed.