What do you do when you own your own home but are short of cash?
If you are aged over 55 you may be eligible for an "Equity Release" mortgage. This simply means that you borrow money against the current value of your home.
There are various schemes available some which allow the interest to roll up on top of the amount you've borrowed to be settled in the future when the property is sold. Generally this is after your death or when you move into long term care or leave the property.
Other schemes allow you to pay just the interest, if you have sufficient income to do so, thereby ensuring that the debt doesn't increase beyond what you borrowed and you can still leave the balance of the equity as an inheritance for your family.
These are very specialist schemes and we refer this type of business to specially qualified individuals who will take you through all of the options and details step by step to determine if these are appropriate solutions for your financial needs.
To make an enquiry please call us.