Looking for equity release experts then this is the place to be. Here you can find information about the different types of equity release plans that are available.

Equity release is a great way to obtain a cash lump sum without selling your home. You can also use your home to provide you with an additional income stream or a new source of ‘credit’. Various companies and charities can advise you when it comes to equity release, and there are plenty of equity release experts who can assist you in making informed choices. Generally, you’ll need to be aged 55 or over, and you’ll need to have a certain amount of equity in the property before you can apply.

Here are a few things to take into account when looking for equity release advice. Here at www.equityreleaseexperts.com we recommend an independent financial adviser such as www.equityreleasesolutions.co.uk to give you the advice you need.

An equity release expert may recommend a lifetime mortgage. This is a way to release money from your home in a number of ways. Remember that you will pay interest with this type of arrangement, and it is more expensive than a standard mortgage. However, should your provider give you a ‘no negative equity guarantee’, you can be sure that the amount you take back will never exceed the value of your home.

An equity release expert may recommend a home reversion plan. This type of plan releases a lump sum to the homeowner when they sell a proportion of the property to their equity release provider. You will never have to move out, but when your home is sold, you might lose more than half its value. In return, the provider will effectively be your landlord, allowing you to live in the house rent-free until you die or move into a care home.

An equity release expert may recommend an interest-only mortgage. In return for interest payments, you can live in your home as long as you wish, and the lender effectively loans a fixed amount of the value to you in return. The payments never go up with this kind of loan, unless you choose a plan with a variable interest rate attached. Unlike a normal lifetime mortgage, you will have to find the cash to pay the monthly interest payments. Should this become unaffordable, most providers will allow you to switch over to a lifetime mortgage instead.

Equity release always means you own less of the property. Remember that the money you obtain is effectively reducing your assets, and this could affect the size of your estate when you die. You may also be disallowed from claiming some benefits. Before you go ahead, an equity release expert can help you to decide if you would be better off selling up and moving to a smaller house.