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As you
approach or maybe settling into retirement you
shouldn't be worrying about your financial problems.
One way to ease these worries is by the Home Equity
Release Mortgage plan. You can release equity
in your property and enjoy the following benefits:
Do you want to apply?
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You must be at least
60 years of age.
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There can be a maximum
of two borrowers only.
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If you are living with
your spouse or partner then the loan must
be applied for jointly.
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Joint borrowers do
not need to be married and may be of the same
sex.
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Where there is more
than one applicant, the youngest applicant
must be aged at least 60 years.
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In order to confirm
your age lenders will require sight of your
birth certificate.
For the
Home Equity Release Mortgage, the maximum amount
that you may borrow is based upon the age of the
youngest applicant according to the following
scale:
60 - 66: 20% of the
equity
67 - 71: 25% of the equity
72 - 76: 30% of the equity
77 - 79: 35% of the equity
80 - 84: 40% of the equity
85 - 88: 45% of the equity
89 and over: 50% of the equity
HERM is
a simple and fully transparent equity release
solution, structured around a series of important
safeguards and guarantees, which will help you
to feel confident and protected
1. The Lender guarantees that the borrower never
has to pay back more than the open market sale
proceeds of the property when the loan is repaid.
2. The Lender guarantees that borrowers can continue
to live in their own home until they sell it,
move into long term care or die. The Lender will
never repossess the property, even if the accumulated
debt exceeds the property value.
3. Borrower has freedom to sell property at any
time and for any reason, without incurring Early
Repayment Charges.
4. You have the option of taking a monthly income
or part income/part lump sum to suit your requirements.
Property Criteria:
Most
lenders will consider most types of residential
properties although the following will apply:
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The property must
be your main residence, in good condition,
of conventional construction and have more
than one bedroom.
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The property must
not be classed as sheltered accommodation.
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The property must
be worth at least £40,000. There is no top
limit.
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If the property is
leasehold, the remaining term of the lease
must be at least 80 years.
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If the property is
held for you under a trust we regret that
we cannot lend to you or your trustees.
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The property must
currently be mortgage free, or if there
is a small mortgage outstanding then this
must be repaid either before or at the time
that the new Home Equity Release Mortgage
begins. You can use the funds released through
the Home Equity Release Mortgage to do this.
To get the best advice
just simply fill in our application form and wait
for one of our many advisors to contact you usually
within the next few hours.
It costs
nothing to ASK
for a professional advice!
For more
information
Our
Customer Care Code
- Data Protection
| Useful
reading |
Useful Links |
"Reverse
Mortgages for Beginners:
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