The Cheapest Equity Release to Find Potential Relief From Debt
Money can be a touchy subject for people. When you talk about how much money you have, it is often seen as bragging or being rude to ask someone what they make. This is not the case with equity release. The cheapest equity release allows homeowners to get on top of their debt and give themselves some breathing room without selling their home or cutting back on living expenses. The key to finding the cheapest equity release possible lies in understanding how these products work and which ones are best for your specific needs!
When you release equity, what this means is that you are granting the home’s value to a third party. This can be done either by selling your ownership interest in the property or through exchanging it for some other form of repayment like monthly payments or an annuity.
Release Entire Ownership – Buyout Mortgage : If you have no mortgage and want full control over your money then using this product might work best for you! One drawback is that if there are any co-owners on your home, they will not be able to access the funds until their shares revert back to them (typically at death).
Simultaneous Release of Ownership and a Mortgage : This is one of the cheapest equity release products available. It also offers you some flexibility in that if there are co-owners on your property, they will be able to access funds when their shares revert back to them (typically at death). The downside with this product is that it can take up to 20 years for all the payments from an exchange mortgage arrangement or sale transaction before anything becomes available as cash.
Release Partial Ownership – Lifetime Annuity: If you want more control over your money but not full ownership then this could work best! There are two options with this product which differ based on how much equity you want released per month.