House Works
2010
Making Your House Work for You With Equity Release
You see the people around you going off on holidays. They come back with bags of shopping and a nice tan. Others tote their golf bags along. But the common thing they come back with is a smile on their faces. Others treat themselves to a nice meal. And usually what goes along with that meal is a nice bottle of red wine. A satisfied expression and rubbing of bellies accompany these people home. However, you are a senior citizen. You do not have much savings and the only thing you have is the house you are living in. You would like to have a fixed weekly or monthly income so you can still have a comfortable living. You wish to be just like those people around you.
Fortunately, this is not such an impossible task if you have an asset of capital value such as the house that you are currently staying in. This can be used to obtain a home equity release. By releasing your house’s equity, you will be paid a weekly, monthly or one-lump sum, depending on the arrangement. You can then use this money any way you like.
Home equity release works when an institution provides you with a mortgage on your house’s current market value. In return, the institution recovers this amount when you no longer need the house. This happens usually after your death or after you have moved out. Since you do not need the house any more, the institution will sell the house and try to recover the amount that was lent out.
House owners should know that while releasing their home equity, they still reserve all rights on the property. Essentially, they are still the owners of the house. This also means that they are allowed to continue staying at the house as long as they wish. On top of all this, the mortgage received from releasing the home equity is tax-free. Depending on the arrangement, the mortgage can be received in one-lump sum, weekly, monthly or on an as-needed basis. It should be noted that, while retaining all rights on the house, having release the home equity, it is possible that some state benefits will be lost and this may lead to having to pay higher taxes. A discussion with an experienced financial personnel is always recommended in this situation.
There are certain criteria that need to be met before you are eligible for a home equity release. Firstly, you must be of the correct age. Different institutions have different minimum age as the age criteria. However, the general rule is that you should be a senior citizen. Apart from that, you should not have any outstanding mortgages.
Once you are sure that you are eligible and that you want to go ahead with the home equity release plan, you should select your preferred institution that offers this plan. Different institutions offer different equity release schemes at different rates. At this point, you may also want to engage an independent financial adviser to give you an expert’s opinion on the options that are available to you. There may also be a need to locate the services of a property valuer in order to get an official value for your house. After submitting all the information, the institution will process your application and you will find your cheque waiting for you very soon.
About the Author
If you own your home outright with no mortgage then you could potentially release some cash via equity release and spend this how you wish. If you prefer you could release a regular monthly amount to help you live more comfortably. Whichever you prefer be sure to seek independent help and advice.
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