home equity loans
A method of generating cash with your home without selling or having to move is Equity Release.
Equity Release is ideal both for homeowners under 60 years of age and seniors over 60.
Most of the ‘under 60’s’ use their newly released funds for lifestyle purposes such as home renovations and improvements, to purchase an investment property, buy a new car or take the family on an overseas trip.
With older retirees it’s a different story. Many find the investments they planned to rely on in later years do not cover constantly escalating living costs, never mind life’s luxuries.
A senior’s loan allows access to a pre-determined % of equity in the home (usually between 15% and 40%). Applicants must be 60 years or older and own their home outright. An income is not required nor are credit checks performed.
The senior’s loan continues until the property is sold, the borrowers no longer live in the home - or are deceased - at which time the loan is repaid in full, usually through the sale of the property.
Many different equity release products are now available making it important to discuss your needs with a qualified Naritas consultant.