The Equity Release/Lifetime Mortgage Market is definitely moving again, reports Chris Prior, Blue House Equity Release.
Just why do the over 55’s do a Lifetime Mortgage?
There are a variety of reasons why homeowners over 55 want to unlock money from their home and currently for many it’s about being able to repay their interest only mortgage and being payment free which has the added benefit of increasing their disposable income too.
For example, someone aged 65 with a £500,000 property can unlock around £190,000 tax free money and can change their lives, particularly their retirement years. If they are wanting to repay their existing mortgage, let’s say £60,000, then this leaves them with the potential to use up to £130,000 for whatever they wish, or just simply repay their mortgage only.
Its great being able to help people change their lives, but also that in doing so, you are also rewarded following completion and bring in additional funds into your business.
How would you recognise someone who wants equity release?
Well, people sometimes ask you, but it’s more likely that you may hear them say something about their mortgage, or things are tough, or they would like to go on more holidays, or they want to be able to help their family, do home improvements, or buy a holiday home in the UK or abroad etc.
This is where you can help by letting them know a little about equity release and that you can point them in the right direction for a free no obligation chat to find out how it works and what they can release.
If you are interested in referring Equity Release, get in contact with Chris Prior. He will be happy to make contact and provide a free no obligation chat.
Author: Chris Prior, Founder, Director. Blue House Equity Release: www.bluehouseequityrelease.co.uk
Lifetime mortgages are the most popular type of equity release plan. They work by giving homeowners access to some of the value, or ‘equity’, tied up in their property. LS Consultancy doesn’t offer these services.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means-tested state benefits and will impact on the size of your estate.
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