A scheme by which older homeowners seek to unlock part of the value of their property. They use the capital to boost their income by taking a special interest-only loan against the value of the house. Anybody considering this type of loan, must pay particular attention to the small print so they do not receive any nasty surprises later. Professional advice is recommended.
The process of releasing equity from a property often through taking out a mortgage on a property that is unencumbered.
in loan terms is simply releasing the equity that has appreciated in your home. Allows you to take out a loan secured against your property.
Equity is the difference between the amount of money a person owes on their mortgage and the current value of their home. Equity Release allows you to borrow up to 90% of the current value of your home, for a number of different purposes.
This is a scheme whereby the lender awards the homeowner a lump sum of money in exchange for taking the rights to a percentage of the value of their home.
A means of obtaining a lump sum from the equity locked-up in your home without having to move.
Method of allowing you to realise some of the value in your home by a long term loan. Usually only available to older people.
A type of remortgage where you already own your home outright, and use the value of your home as security to borrow money.
A mortgage taken out on a home that is already fully owned (eg: after the original mortgage has been paid off). The main purpose is to make use of the capital tied up in it.
Equity release or home income schemes allow you to generate either a lump some or a regular income in return for allowing the lender to take ownership of a portion of your home. These are often used by people in later stages of life who have paid of all or most of their mortgage and who are looking to raise funds without borrowing money.
A type of remortgage where you own your home outright but wish to use it as security for new borrowing.
Equity release refers to financial products that enable home owners to use part of the capital they have tied up in their home to provide themselves with an income.
Equity release is a means of retaining use of your house or other object which has capital value, while also obtaining a steady stream of income, using the value of the house.