Retaining Property Ownership You should never have to give up your status as a homeowner just to release equity from your property. When you have worked hard to become a homeowner, you can always select a lifetime mortgage to ensure you remain the owner of your property.
With a lifetime mortgage, your lender will never become the owner of your property. It is a common misconception to assume you give up ownership of your home and whilst this can happen with some equity plan types, we make sure this does not happen if ownership is important to you.
Lifetime Mortgages & Home Ownership A lifetime mortgage is a loan secured against your home, meaning you do not have to give up ownership. Your biggest asset remains your own and as you also have the freedom to spend cash however you like, this can be used for home improvements. Whether you just require repairs and maintenance or would like extensions added, your home value can always be increased by releasing equity.
The other type of equity release available is a home reversion. This equity plan will involve the transfer of legal ownership. Whilst it may be suitable for some homeowner, if retaining ownership is important to you, you should always choose a lifetime mortgage.
Regardless of which equity plan you choose, you can remain in the home for the rest of your life. The plan will only end when you and your partner pass away or move into long-term care.
Book Equity Release Consultation To book a consultation for equity release in Essex, contact our team today. Essex Equity Release can provide advice regarding all equity plans, ensuring you choose the best plan for your individual needs. Call us today on 01268 799211 contact form for a fast response.
