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North South Housing

Equity Release in Retirement

How stable is the property industry today?

The property market was once considered to be a stable industry. However, this is no longer the case. The financial crisis that hit in 2008 crashed the property market and it has still found it pretty hard to recover from it. This means that investing in the property market is not such a good deal for the people anymore.

The ones who were fortunate enough to own their homes when the times were good are in a great position though. Having survived the real-estate market crash, they can now make good use of this home they have by releasing its equity. 

Why is the Equity Release Beneficial?

Equity release is one of the best means for a person to get his hands onto cash without having to sell his home or even to vacate it. It is a kind of loan that you get for giving up share of your property. You can continue to live in the property you own and get the cash you asked for but you will lose a share in it. The financial institution providing the equity release will get the share of the property and will use it to get the loan amount back once you die or move into assisted care. This kind of loan is beneficial for those people who have lived out their lives and are looking to spend their life after retirement in a peaceful manner.   

Getting Best Rates on Equity Release

While equity release schemes are all based on the same method, they are not created equal. Some financial institutions offer better deals and rates to the homeowners while others don’t. It is possible for you to get good deal deals for equity release. The following are some of the ways through which you can get the best rates on equity release. 

Value of Your Property

One of the best means of getting the best rates on equity release is having a property that has a high value. If your home has a value in excess of £500,000 then it would be much easier for you to get your hands on the best equity release deals. The reason for this is that equity release providers are looking to get their hands on properties that have a high value. They would be willing to offer you the most affordable rates for equity release just so that they get the share in that property. 

Old Age

Another way of getting the best rates on equity release is to opt for this kind of loan when you have reached the last years of your life. Equity release providers are likely to offer older men and women the best rates for equity release as they know that such people won’t be able to live that long, giving them the chance to get back their money sooner. Younger adults, on the other hand, won’t be able to secure good equity release deals because they have many more years of good health remaining and the equity release provider would have to wait for a long time to get his money back. 

Gender

Your gender is another deciding factor when it comes to getting the best rates on equity release. If you are a man then the equity release provider would have no hesitation in offering you a good equity release deal. Women, on the other hand, would find it extremely hard to get the best rates for releasing equity release in retirement of their homes. The reason for this is that women have a high survival rate than men. Thus, men, by dint of dying at an earlier age, are more suitable candidates for equity release providers than women for offering better equity release offers. 

Health Condition

Just like age and gender, the health condition of a person can help him in getting good rates on equity release too. People who are suffering from some kind of medical condition are favored by equity release providers. They are offered much better rates on equity release as they are considered good candidates for early death by the financial institutions offering the equity release scheme. 

Comparing Equity Release Schemes

Shopping around for equity release schemes is one way for an average person to get the best rates on equity release. Since there are so many equity release deals on offer, it would be a good idea for you to compare at least a dozen of them and find out which one among them is providing you the most affordable rates. Visit Natpencon retirement to find out more about equity release.

 


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    North South Housing, 131 High Street, Honiton, Devon, EX14 1HR.

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