Over the years, rising house prices have meant many homeowners have built up substantial equity in their home – equity that can be turned into extra cash, without the need to downsize to a smaller property or take in a lodger.
Now that equity is available to homeowners thanks to lifetime mortgages. You are no longer forced to choose between losing your own home or struggling financially, there is a third option that over 300,000 homeowners have taken advantage of.
With the lifetime mortgages offered by Pure Retirement through Equity Release Scotland, there are no monthly repayments to make, so no increased financial burden for taking the loan. Instead, the loan and any interest built up, are paid off when the property is sold. In most cases, this will occur once you have passed away or moved into long-term care.
If you’re thinking of releasing some of the equity in your home, perhaps you’ve hit some financial difficulties or you just want to enjoy the fruit of your labours, then you have found the right partner in Pure Retirement. They are award winning lifetime mortgage providers that are flexible and transparent.
One of the most important things to remember is, you still own your home. You can live until you are 150 years old and no one will ever try to evict you from it, because it’s yours. When you (and your partner if it’s a joint mortgage) have passed away, then the home will be sold for the full market value.
As it’s your home, you are in control of the house being sold, it’s never taken from you alive or dead. You or your solicitor (depending on whether it happens when you die or move into long term care) will facilitate the selling of the home for the full market value, as you deem fit.