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Equity Release Scheme
Think of this scheme as a long term loan,
secured against the value of your property, which can be used for any
legal purpose.
Unlike conventional loans, you do not
have to make monthly loan payments - instead, the loan,
accrued interest and any charges are repaid from the proceeds of the
sale of your home on your death or sale of your property.
- Raise money for a new car ?
- Want a holiday of a lifetime ?
- Cushion big bills ?
- Visit your Grandchildren overseas ?
Who is eligible ?
- Homeowners aged 60 or over [
there is no upper age limit ] !
- You must own either your home outright
or use part or all of the loan to pay off any outstanding mortgage.
- The property must be your own
residence, being of conventional structure, in good condition and
worth in excess of £ 40,000. If Leasehold, the Lease must
have at least 80 years left to run.
What this means is money to spend, a
monthly cash release or a combination of both without ever having to
worry about payments.
Please quote 'Equity Release Scheme' when
requesting further details. |
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