What Is Equity Release?
On paper, a property becomes a valuable asset. In real life, it’s also a worthwhile commodity. Everyone needs a roof over their head. If they opt to become homeowners, they invest in themselves. Professionals well-versed in the real estate and financial sectors believe that it takes five years of homeownership to start building wealth and accruing home equity.
Once the homeowner pays off the mortgage and nears retirement, they can apply for an equity release home loan. Also known as a reverse mortgage, it’s a loan against their property. It’s not necessary to pay it back. The homeowner already paid into the loan. In the end, the lender owns the property.
This is a nice way to finance retirement, especially if the individual lives many years post-work.
The loan is available in a lump sum. Homeowners can also request installment payments. Applicants must submit some paperwork, but the process is far easier than applying for a mortgage as a first-time homebuyer.
Mortgage House works with an array of clients including those interested in an equity release loan. Plus, we offer a range of loan products and online tools. Once you become a Mortgage House customer, you receive access to other loans such as the business loan.
Equity Release Conclusion
Real estate professionals encourage individuals to become homeowners for several reasons. The home becomes a vehicle for building wealth. Then when the homeowner enters their retirement year, they can tap into an equity release home loan. To gather more information, contact our Mortgage House loan specialists.