How old are you? What is the approximate value of your property? If you have a mortgage or loan on the property, how much is outstanding? Title: Mr Mrs Ms Your First Name or Initials: Your Last Name: 1st line of your Address: Your Postcode: Telephone Number: Email Address:

A home equity mortgage is based on the difference between a property's current mortgage and the value of the property.  If for example, you have a mortgage worth £50,000 but your house is worth £300,000 then the equity on your home is worth £250,000 - this figure would be used by the lender to calculate your home equity mortgage.

The additional mortgage means that you will not have to down-size your property in order to supplement your income.  You remain the home owner until you decide to move or die.

Equity rich and cash poor is when you have money tied up in property but you only have a small income.  Your pension can therefore be supplemented by the income released from the equity on your home.

This lunp sum can be used to pay off the remainder of your mortgage or else it could be used to increase your monthly spending.

 

Homeowners aged over 55 years who would like to know how much money the value of their property could release can find out by contacting therightequityrelease.co.uk for equity release advice.