Equity Release
Equity Release in Eastbourne & Sussex.
Equity Release services are referred to a third party. NRG Mortgages is not responsible for the service received. Advice only on Lifetime Mortgages (no advice given on Home Reversion).
What is Equity Release?
There are two types of Equity Release – Lifetime Mortgage and Home Reversion Plan. Basically, it’s a way of enabling you to stay in your home without having to move and not have to make monthly repayments. The cash you take will eventually be paid back to the provider when you either pass away or go into long-term care.
What can I use Equity Release for?
It’s your decision in the main. Maybe for home improvements, that dream holiday, helping family onto the property ladder or just to ease your retirement. However, it is crucial it is done for the right reason and we will explore all other options to ensure this is the best route for you to take.
The impact of not servicing monthly interest payments on a Lifetime Mortgage is that the outstanding debt can grow rapidly, thus reducing the value of your estate.
For example, if the interest rate was 7% a year, a £50,000 loan would double to. £100,000 after 10 years assuming no repayments are made.
This is an example for illustrative purposes only and personalised advice and recommendations should be sought from a qualified professional. You are strongly advised to register a lasting power of attorney. This will allow your affairs to be managed by somebody else if your mental abilities significantly decline.
WE DO NOT CHARGE FOR INITIAL CONSULTATIONS. WE MAY CHARGE A FEE SHOULD YOU PROCEED WITH AN APPLICATION, THIS IS TYPICALLY BETWEEN £799 – £1499.THE PRECISE AMOUNT WILL DEPEND UPON YOUR CIRCUMSTANCES.
Or, alternatively, start a WhatsApp chat with one of our experienced brokers right now.