How do I unlock equity in my home?

Equity refers to the difference between the market value of a property and the outstanding mortgage on it. If the value of a property has increased, the owner may have built up a significant amount of equity, which can be unlocked and used for various purposes, such as paying off debts, funding home improvements, or financing a comfortable retirement. There are several ways to unlock the equity in a property:

Sell and downsize: If the property is worth more than the mortgage, the homeowner can sell it and use the proceeds to purchase a smaller property, keeping the difference as equity.
Remortgage the property: A homeowner can remortgage the property to a new lender, either to access the equity or to take advantage of better interest rates or terms.
Lifetime mortgage: A lifetime mortgage is a type of equity release product where the homeowner can borrow money against the value of the property and use it for any purpose, without having to make any monthly payments. The interest is added to the loan and repaid when the property is sold.
Home reversion: In a home reversion plan, the homeowner sells a portion of their property to a reversion company in return for a lump sum or a regular income. The reversion company is entitled to a share of the sale proceeds when the property is eventually sold.
The Equity Release Council: The Equity Release Council is a trade association that sets standards for the equity release industry and provides information and guidance to homeowners considering equity release. It's important to carefully consider the options and seek professional advice before unlocking the equity in a property.

Patrick Wayne Wealth can help you unlock the equity in your home by guiding you through the different options available and determining which one is best for your specific needs and financial situation. Our experts can help you understand the pros and cons of each option, such as selling and downsizing, remortgaging the property, taking out a lifetime mortgage, or entering into a home reversion plan. We can also help you find a reputable provider who is a member of the Equity Release Council, ensuring that you receive fair and transparent service.

This form of lending is most suitable for those over 65, however, it’s possible to do

this if you are over 55. It is important to understand that these are lifetime mortgages and to

understand their features and risks, you will need to have a personalised illustration.

Patrick Wayne Wealth - Exploring Options for Unlocking Equity in Your Home If you're looking to access the equity in your home, there are several options available. At Patrick Wayne Wealth, our financial advisers are experts in unlocking equity, and we can help you understand the process and find the right solution for you.

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