Equity Release

Equity release is a financial product that allows homeowners, typically those aged 55 and above, to release some of the equity tied up in their property. It's like unlocking the value of your home without having to sell it!

There are two main types of equity release: lifetime mortgages and home reversion plans. With a lifetime mortgage, you can borrow against the value of your home while retaining ownership. The loan, plus interest, is repaid when you pass away or move into long-term care or you can even service the interest so that the debt does not increase. Home reversion plans involve selling a portion or all of your property to a provider in exchange for a lump sum or regular income, while still being able to live in your home.

Equity release can provide you with a lump sum or regular income to help fund your retirement or other financial needs. It's important to carefully consider the implications, such as the impact on inheritance and potential long-term costs. Seeking financial advice is crucial to understand the risks and benefits associated with equity release.

Remember, equity release is a significant financial decision, so it's essential to explore all options and consider alternatives before proceeding. Make sure to consult with us here at Horizon Mortgage Solutions so that we can guide you through the process.

Your home may be repossessed if you do not keep up repayments on your mortgage. A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.

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