Equity Release Huddersfield - Lifetime Mortgage Near Me

Lifetime Mortgage & General Equity Release Advice in Huddersfield
Reviewed by Tom Philips

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Equity Release in Huddersfield

Equity release in Huddersfield is a popular type of loan available to those aged 55 or over or entering their retirement years.

It is designed for those aged 55 or over who have lived in their home for a while and have a significant amount of equity inside their home [1].

With equity release in Huddersfield, you get to release a set amount of money from your home and will be able to remain living in your home for as long as you want.

You will never be asked to move out of your home as part of the equity release loan, meaning that you get to remain living in your home until you pass away or move into a care home.

The best thing about equity release in Huddersfield is that there are no mandatory loan repayments. This means that you do not need to repay the loan each month. For most homeowners, this will be music to their ears.

In fact, you can actually use your equity release loan to pay off your traditional and pre-existing mortgage, meaning that you can become mortgage-free by using equity release in Huddersfield.

Once you pass away or move into a care home, the loan will need to be repaid through the proceeds from the sale of your home.

Whilst this means that your loved ones won’t be able to use the money from the sale of the home as inheritance, it does mean that the loan will be repaid in full [1].

Most houses typically do not decrease in value over the years, although it is possible and not unheard of.

The proceeds from the sale of your home should pay off the total loan amount. If it does not, then the difference will be paid by the lender and never your loved ones or next of kin. This is called the no negative equity guarantee.

There are two main types of equity release loans in Huddersfield, known as lifetime mortgages and home reversion plans.

There are some differences between the two, so it’s important to discuss the ins and outs of each type of equity release loan with your adviser.

The differences between these two types of loans are explained below for you [1].

The differences between a lifetime mortgage and a home reversion plan

There are some key differences between lifetime mortgages and home reversion plans.

The main difference is that lifetime mortgages are open to anyone aged 55 or over, whereas home reversion plans are only open to those aged 65 or over.

The other key difference with the two different types of equity release loans is that you have to sell a percentage of your home in order to get approved for a home reversion plan.

You will sell a percentage of your home to the lender in exchange for access to your equity release funds.

You can sell as little or as much as you want, with people selling between 10% – 90% of their home to the lender for their equity release cash.

However, with home reversion plans you sell a percentage of your home to the lender for less than market value.

This means that you will get less money than if you were to sell it on the traditional housing market. Due to this, you will not be charged interest on your loan as you would with a lifetime mortgage.

Eligibility criteria for equity release in Huddersfield

In order to qualify for equity release in Huddersfield, there are different eligibility criteria for both lifetime mortgages and home reversion plans.

In order to qualify for a lifetime mortgage, you need to be aged 55 or over, own your own home in the UK worth at least £70,000 and that house will also need to be your main residence.

If you currently suffer from any debt, or have done in the past, then you will need to declare this to your equity release specialist adviser [2].

With equity release in Huddersfield, the eligibility criteria for home reversion plans is a bit different to lifetime mortgages.

For home reversion plans in Huddersfield you need to be aged 65 or over. As with lifetime mortgages, you will need to own your own property worth at least £70,000 and this property must also be your main residence [2].

If you currently receive any means tested benefits, then it is important to understand that these might stop if you get approved for an equity release loan.

You should always talk through anything like this with your equity release adviser.

How can equity release in Huddersfield help you?

Equity release in Huddersfield is helping hundreds of thousands of people up and down the country in a number of different ways.

Most people release equity from their home in order to gain access to some extra cash for them to enjoy in their retirement [3].

1. Home improvements

Most people end up spending their equity release funds on home improvements. This could include things such as a new kitchen, a new extension or simply re-decorating.

Others choose to spend their equity release funds on home improvements to make their home more suitable for them as they age. This could include things such as a stair lift, railings, a downstairs wet room or a more accessible garden.

Remember, you always want to increase the value of your home by any work you do.

You will also be wanting to remain living in your home until you pass away or are ready to move into a care home, so you could focus your money on making your home a comfortable and more accessible home to grow old in.

2. Helping loved ones

Others choose equity release in Huddersfield because they want to help their loved ones with the cost of further education or buying a home.

Whilst leaving an inheritance is always nice, others might want to help their loved ones whilst they’re still alive.

Equity release is a great way of doing so, as you will get access to the cash now and can gift it to their loved ones to help them here and now.

3. A better lifestyle

With equity release in Huddersfield, you do not need to spend your money on improving your home or helping your loved ones.

Others choose to release equity from their home simply to live a better lifestyle going into retirement.

You work your entire life to enjoy your retirement and equity release allows you to do so without worrying about your finances.

What will equity release in Huddersfield cost you?

Equity release in Huddersfield will involve a number of set up costs which you should be aware of before taking out an equity release loan.

These set up costs include things such as the cost of an adviser, a solicitor and a home valuation.

Some of these costs will need to be paid upfront, whereas some can be paid once you receive your funds [4].

It is also important not to forget that you will also be charged interest on your equity release loan, which will be added to your overall loan amount.

As your loan will continue for as long as you live or until you move into a care home, this interest will turn into compound interest.

This is essentially interest added onto your interest and will significantly increase your total loan amount [4].

What’s the equity release process?

Despite many beliefs, the equity release process is relatively straight-forward.

It starts by speaking to an equity release adviser or equity release specialist to get all the advice and support needed on equity release in Huddersfield.

Your equity release adviser will talk you through the ins and outs of equity release in Huddersfield and will talk you through the disadvantages as well as the advantages of equity release.

Your equity release adviser will never put any pressure on you to release money from your home. They are simply only ever there to provide you with all of the necessary information you need to make an informed decision.

With equity release in Huddersfield, your adviser will also use their very own equity release calculator to determine how much money you might be able to release from your home.

If you choose to go ahead, then they will contact your chosen lender and you will need to contact an equity release solicitor.

It usually takes anywhere between 6 – 12 weeks to process an equity release application, similar to processing a traditional mortgage.

Once the process is complete, your solicitor will release the funds into your account.

Equity Release in Huddersfield – Speak to Equity Release Warehouse

If you are considering equity release in Huddersfield, then talk to a member of the Equity Release Warehouse team.

Our team are on hand to talk you through the process as well as the ins and outs of the equity release process.

Our team will never put any pressure on you to release equity from your home, as the decision is purely yours.

We even have our own equity release calculator to determine how much money you might be able to release from your home, given your current circumstances.

If you want more information on equity release in Huddersfield, then talk to a member of our team today by calling us on 0330 058 1579 or by visiting us online by searching www.equityreleasewarehouse.com.