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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:
- No monthly
payments
- No Income
requirements
- A series
of safeguards and guarantees to give you total peace of mind.
Do
you apply?
- You must
be at least 60 years of age.
- There can
be a maximum of two borrowers only.
- If you are
living with your spouse or partner then the loan must be applied
for jointly.
- Joint borrowers
do not need to be married and may be of the same sex.
- Where there
is more than one applicant, the youngest applicant must be aged
at least 60 years.
- 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:
- The property
must be your main residence, in good condition, of conventional
construction and have more than one bedroom.
- The property
must not be classed as sheltered accommodation.
- The property
must be worth at least £40,000. There is no top limit.
- If the property
is leasehold, the remaining term of the lease must be at least
80 years.
- If the property
is held for you under a trust we regret that we cannot lend to
you or your trustees.
- 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.
For
more information
Your
Security and Data Protection Web-Trader
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