Is it a condition of the equity release contract that the remaining mortgage on the property is paid off with the funds released? Sorry to seem ignorant :/
In answer to your question, you’re quite right. If you have a current mortgage on your property, you would use some of the funds that you release with an equity release plan to pay this off.
I hope this helps.
Kind regards,
Mark Blanchfield
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Mark Blanchfield is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com
I will be repaying my mortgage this week and need to know more about what type of equity release option I should go for. I have a small amount of savings but would would like to raise funds to go travelling.
There are a number of equity release options available, so your best bet would be to speak to a specialist advisor.
Specialists who are members of the Specialist Advisers for Equity Release (SAFER) trade body will provide you with free initial advice without any obligation, which should help you to understand whether equity release is the right option to suit your circumstances.
Sorry I can't be more specific.
Kind regards
Mark
—
Mark Blanchfield is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com
Dear Helen,
Thank you for your message.
I’m really sorry for the delay in my response.
In answer to your question, you’re quite right. If you have a current mortgage on your property, you would use some of the funds that you release with an equity release plan to pay this off.
I hope this helps.
Kind regards,
Mark Blanchfield
Mark Blanchfield is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com
I will be repaying my mortgage this week and need to know more about what type of equity release option I should go for. I have a small amount of savings but would would like to raise funds to go travelling.
Hi Hansi
There are a number of equity release options available, so your best bet would be to speak to a specialist advisor.
Specialists who are members of the Specialist Advisers for Equity Release (SAFER) trade body will provide you with free initial advice without any obligation, which should help you to understand whether equity release is the right option to suit your circumstances.
Sorry I can't be more specific.
Kind regards
Mark
Mark Blanchfield is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com