11:36 AM, 17th January 2022, About 2 years ago
Low interest rates for equity release mortgages, coupled with rising house prices, have made it much more cost-effective for over-55s to release funds from their properties.
Many over 55s, who were going to downsize in order to release equity in their property, to help their retirement or to help their children and grandchildren on to the property ladder, are now staying put and taking out Lifetime Mortgages (Equity Release).
The increased demand for Equity Release has increased the number of providers and driven down costs. It has become one of the most popular forms of home finance for borrowers aged 55 plus, allowing them to access a portion of the wealth accumulated in their homes in exchange for a tax-free lump sum of money.
The borrowers have the freedom to use the funds in most ways that they want. Some of the most popular uses are gifts to their children and grandchildren, paying off their own mortgages, supplementing their retirement income and improving their lifestyles with home improvements, new cars and foreign holidays.
Contact Brooklands for an initial appraisal.