Equity Release Basildon - Lifetime Mortgage Near Me

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

Request A Callback

Get in touch today on 0330 058 1579 for a free, zero obligation consultation. We can help you locate equity release advisors in your local area.

Equity Release in Basildon

Equity release in Basildon in Essex is a type of mortgage that allows anyone over the age of 55 years old the opportunity to take some of the money that has built up inside their home and spend it on whatever they want.

A lot of pensioners have a significant amount of money built up inside their home in the form of equity. This might leave some pensioners asset rich, but cash poor.

However, selling their home for some extra cash simply is not an option. Moving home in old age might simply be too much stress or hassle.

This is where equity release in Basildon comes in. You get to gain access to the cash inside your home without having to move or downsize.

You can spend this money on whatever you want, with very few limitations [1].

With equity release in Basildon, you do not have to repay a penny until you pass away or move into a care home.

Once you do one of these two things, your loved ones and next of kin(s) will be responsible for selling your home.

Instead of the proceeds going to you as inheritance, the proceeds from the sale of your home will go towards paying off the equity release loan.

The proceeds from the sale of your home should pay off the loan in full.

Like with any type of loan, you will be charged interest on your equity release loan. This interest will compound year on year, meaning that you will be charged interest on interest.

Your overall loan amount will increase significantly due to the compound interest you will be charged, which will also need to be repaid via the proceeds from the sale of your home [1].

If the proceeds from the sale of your home do not cover the loan amount for whatever reason, then you will be protected by the no negative equity guarantee.

This guarantee ensures that even if the proceeds from the sale of your home does not cover the loan amount, then your lender will step in to pay the difference.

You are free to spend the equity release loan on whatever you want to, including home renovations, a better lifestyle or helping loved ones with the cost of living or the cost of further education [1].

When it comes to equity release in Basildon, there are two main types of equity release loans.

These are known as lifetime mortgages and home reversion plans, which are explained further below for you.

Please call our 24-Hour Helpline for Equity Relase Help: 0330 058 1579

What is a lifetime mortgage?

A lifetime mortgage is the most popular type of equity release in Basildon and throughout the rest of the UK.

With a lifetime mortgage, you get to remain the sole owner of your property and will not ever be asked to move home.

You will be charged interest on your equity release loan, but you do not have to repay a penny until after you pass away or move into a care home.

What is a home reversion plan?

Home reversion plans work a bit differently to lifetime mortgages and are for that reason, less popular than lifetime mortgages when it comes to equity release in Basildon and throughout the rest of the UK.

With home reversion plans, you sell a percentage of your property to your chosen lender in return for access to your equity release funds.

With home reversion plans, this could be as much as 90% of your property or as little as 10%.

Naturally, the more you release the more money you will receive.

With most lenders, you will still remain the owner and won’t ever be asked to sell up or move out, as long as you stick to the terms and conditions of your equity release loan.

Please call our 24-Hour Helpline for Equity Relase Help: 0330 058 1579

How long does the equity release process take?

If you plan on releasing equity from your home, then you might be wondering how long the equity release process takes.

If you are considering releasing equity from your home, then it might have been a number of years, sometimes even decades since you bought a house or moved home. In this time, quite a lot has changed.

However, you might remember that the conveyancing process to buy a house takes approximately anything between 6 – 12 weeks [2].

This is very similar when it comes to equity release. Depending on the complexity of your equity release loan, and how fast your solicitor is able to work, some equity release loans can be processed quicker than others.

Please call our 24-Hour Helpline for Equity Relase Help: 0330 058 1579

What can you spend your equity release funds on?

One of the best things about equity release in Basildon and throughout the rest of the UK is that there are very few limitations on what you can spend your funds on.

Most people opt for equity release in Basildon in the first place because they need access to some extra cash, and a lot of their money is simply tied up in their property [3].

Therefore, some people opt for equity release in order to simply improve their lifestyle during their retirement years. This means that they plan on spending their equity release funds on better food shops, trips away or even a better car.

Others might choose to spend their equity release funds on their loved ones. The post-Covid-19 cost of living crisis has made it harder than ever for young people to get on the housing ladder.

So, why not choose to spend your equity release funds on helping your loved ones or grandchildren with a house deposit, or helping them with the cost of further education [3]. Other people choose to treat their family and loved ones to a once in a lifetime family holiday.

However, a lot of people who opt for equity release in Basildon choose to spend their equity release funds on home improvements and home renovations.

For some people, this might simply mean a new kitchen, or a landscaped garden. However, it is important to remember that when you opt for equity release in Basildon, you are expected to remain living in your home until you pass away, or until you move into a care home.

This is why a significant number of people who opt for equity release in Basildon choose to either extend their home or make it a more comfortable place to live whilst you grow older.

This could include things such as installing hand rails, a stair lift or a wet room downstairs. You might also choose to make your home more accessible by landscaping your garden or installing ramps to your front door [3].

When it comes to equity release in Basildon, you can choose to release your money in either one large lump sum, or through a number of smaller payments, known as a drawdown plan.

Depending on what you plan on spending your equity release funds on, your equity release adviser should be able to advise you on which type of loan is best for you and your personal circumstances.

Please call our 24-Hour Helpline for Equity Relase Help: 0330 058 1579

Will taking out equity release in Basildon affect my means-tested benefits?

Yes, releasing equity from your home in Basildon will have an impact on any means-tested benefits you currently claim, or plan to claim in the future.

This is because when you release equity from your home, the money that you will receive will be counted as savings.

Lots of means-tested benefits are only eligible to those with less than a certain amount of savings in their bank account.

It is important to understand that even if you do not currently claim any means-tested benefits, you might need to in the future.

If you have already released equity from your home, then you might not be eligible to claim these benefits, regardless of how long it has been.

Please call our 24-Hour Helpline for Equity Relase Help: 0330 058 1579

Talk to an Equity Release Specialist

If you wish to release equity from your home in Basildon, then you will first need to speak to an equity release specialist.

Our team at Equity Release Warehouse are specialists in all things equity release and pride ourselves on being fair and impartial.

It is never our job to put any pressure on you to release equity from your home. Instead, our equity release specialist will only ever present you with all of the necessary information you need to make an informed decision.

Our team of advisers will educate you on all things equity release and if you choose to go ahead, then will use our very own equity release calculator to work out how much equity you might be able to release from your home.

They will also want to know what you plan on spending your funds on, so that they can suggest and recommend the very best loan for you and your personal circumstances.

If you are interested in equity release in Basildon and want more information on how it works, then speak to a member of our team by calling us on 0330 058 1579 or by visiting us online by searching for www.equityreleasewarehouse.com.