Equity Mortgage
With millions of retired people in the UK. that are affected by the rising cost of living people are finding it harder to make their pensions stretch.
With the once guarantee that owning your own home was enough people are already finding the affects a real and daily challenge with rising fuel costs and food prices spiralling out of control.
However, many retired people who manage on a small pension and limited savings are also living in properties which even with the recent house prices falling in some parts of the country have either kept their current value or soared in value.
Lifetime mortgages also called Equity release plans, home reversion or home income plans – are a way of releasing your cash in your property, whether to go on holiday or help family members, or simply to make daily life more comfortable. There are schemes that allow you to borrow money against the value of your home, with the debt being repaid from the sale proceeds after your death.
Even with market prices dropping average house price in England and Wales is now standing at £178,364
(July 2008, see www.landreg.gov.uk/houseprices/ ).
For further information, please call us on tel: 01268 573 306 or email us |
