Equity Release Myths Busted
The popularity of Equity release has soared up in the recent years; still many people do not know how it actually works. It actually means an access to a portion of your home’s value in the form of a lump sum amount. This amount, plus the accumulated interest must only be re-paid after the home owner dies. Choose your advisor wisely to get the most recent & correct equity release advice . However, misapprehensions about equity release still avert people from taking it into consideration. Here we bust the most common myths and describe how equity release can boost your finances. Number 1: I’ll not re-own my property Equity release does not mean selling your house to the money lender. You simply borrow money against your property. In contrast to a regular mortgage, a lifelong mortgage has no permanent end date; hence the mortgage continues until you need it. As number of money lenders limit choices for those aged over 50 years, this can be priceless