|
< back to news stories
Some of Your Doubts Clarified About Equity Release
08/12/2010
In order to be eligible for equity release you must be over the age of 55 years and own a property that is valued at over £75,000.
Equity release enable you to receive a tax free income, or a tax free lump sum whilst continuing to be the owner of your property.
Initially, your property will be surveyed and valued. The valuation figure will determine how much can be borrowed initially, or if a drawdown scheme how much of an overall cash facility will be provided by the equity release company.
The loan is repaid after your death on the sale of your property or if you sell your property and move into long term care.
This scheme is intended for senior citizens to enjoy life to the full without being dependant on anyone.
Homeowners aged over 55 years who would like further details and 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.
|