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Equity Release

When building an extension to your home, there are many options that can be considered to finance the project.  Equity release is one of these options. 

Equity release is a way of releasing the value that already exists in your home.  The money released in this way is not tied just to building work; indeed you can use equity release to release the equity from your home to fund any kind of expenditure from a dream holiday to a new car.

Equity release of aimed at people who are near retirement or who have already retired.

There are two types of equity release.  The first type is ‘home reversion plan’.  This type of equity release is when you sell part, or all of your home to a company and you receive a lump sum at the start of the plan.  You can then use the lump sum to build your extension or for any other purpose. 

When you end the plan, die or go into long-term care, the reversion company will sell the property, take their share of the money and pay the balance, if any, to you or your estate.

The second type of equity release is ‘lifetime mortgage’.  This is where the loan and interest ate repaid by the sale of the property when you die or go into long-term care.

Equity release will not suit everyone but in some circumstances it can be a good way to fund building work.


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