There are many different equity release products available on the market, each with their own pros and cons. By seeking professional advice for equity release in Shrewsbury, you can find the best product for your needs.
All equity release products typically fit into two different categories: lifetime mortgages and home-reversion plans.
With a lifetime mortgage, you get a fixed interest rate. Rather than like you would with a conventional repayment mortgage, you don’t repay this sum in regular instalments. Your debt is then rolled up instead, meaning that your interest is calculated on an ever-increasing total and you only pay off your mortgage when the property is sold.
With a home-reversion plan, an equity release company buys a fixed share of your property from you and waits for the value of that share to increase.
With so many different products to choose from across two separate categories, it’s essential that you get the right advice for equity release in Shrewsbury. Speak to an expert today at LG Embrey to discuss releasing equity from your home. We’ll explain all of your options in a way that is easy for you to understand.