55 or Older? Is Essex Equity Release the Perfect Financial Solution for You?
Reduce Money Stress with Essex Equity Release
Are you and your spouse all set to enter your new life of retirement? In that case, you know the importance of a sound financial plan that can act as your primary source of income since you no longer enjoy a regular salary. If you have put in some money into your retirement, you may have adequate resources to sustain yourself. But if the house is essentially the central part of your net worth, what is the solution?
Here are three reasons for choosing Essex equity release to release stress by releasing the equity you’ve built up in your home.
Reason #1: This Is Your Last Home
Suppose you wish to qualify for equity release. In that case, you must be a homeowner, or you must be particularly close to paying off any outstanding mortgage debt. In simple terms, equity release involves borrowed money against your home’s equity, which essentially acts as collateral. Hence, if you wish to stay in this house long-term, equity release is a great alternative.
Remember that purchasing a new home is possible even with equity release. All you must do is pay the outstanding balance, similar to other loans or mortgage products.
Reason #2: You Don’t Plan On Leaving Your House To Anyone
Do note that upon the passing of your spouse, your equity release becomes due. Usually, this is followed by selling the house or its transfer to cover the mortgage that is still outstanding. Hence, a person who inherits your house basically inherits the equity release too.
Suppose you have no children, or they are financially stable already and do not require an inheritance. In that case, your house need not be left for anyone, making equity release an amazing source of income.
Reason #3: You Can Afford Taxes And Upkeep
Lastly, remember that equity release does not eliminate the responsibility of taxes, insurance, and expenses. If you do not pay for these costs, it may cause your equity release to become instantly repayable. In case these expenses are something you can afford easily, you will live comfortably.
Suppose you want to optimise your home equity as a financial asset, and you and your spouse are 55 or older. In that case, we recommend opting for equity release.
If you wish to learn more about these financial products and your alternatives, get in touch with us today on 01277 564022. Our partner team of mortgage advisors will be more than happy to explain why equity release is a good fit.