16:58 11 March 2013
As the economy continues to struggle, everyone is looking for ways to make ends meet. One of the biggest fears that people face is the fear of losing their home. In response to these fears many lenders have created programs designed to present a way to deal with that fear. The equity release mortgage is one of those programs.
The equity release mortgage allows the homeowner to receive the equity that they have in their home as tax-free cash. They can receive the equity as a lump sum cash payment, or the money can be placed into an account that they can withdraw from based on need. They can also choose to do a combination of the two.
They are allowed to stay in their home for the rest of their lives if they so choose, without paying monthly mortgage notes. You do not have to transfer ownership of your property and you keep your deed.
Now before you go running to get an equity release mortgage, there are a few things you need to consider. Here are some things you need to know:
Talk with a mortgage professional to get all the details if you think an equity release mortgage is right for you.
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