Are you thinking of taking out a lifetime mortgage? Many homeowners over 55 are realising that they can unlock some of the value of their home to improve their retirement income. This can be done via an equity release plan. There are various equity release plans available. One type of plan is a home reversion plan. This involves selling some…
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Introduction to Home Reversion Plans
A home reversion plan is an arrangement where the following conditions are met:- The plan provider buys all or part of a qualifying interest in land or property. The seller is entitled to occupy at least 40% of the land as a dwelling.The arrangement specifies one or more qualifying termination event at which point the arrangement will end. A qualifying…
Introduction to Lifetime Mortgages
A Lifetime Mortgage is an open ended mortgage with no specific term, full repayment of the loan occurs in the event of one of the following occurring: • Death• The borrower moves to live elsewhere i.e. residential care• The borrower moves to another residence• The borrower sells the property• The lender exercises its legal right to take possession under the…
Do not ignore mortgage problems
Borrowers who are concerned that they may be unable to meet their mortgage repayments should not ignore the issue. You need to make every effort to speak to your existing lender and advise them of the problem. They can only help if they know about the situation. There are range of options that you could come to with your lender…
Make your home work for you
YOU'VE WORKED HARD TO MAKE IT A HOME, NOW MAKE YOUR HOME WORK FOR YOU! Are you aged 50 or over? Would you like to release equity from your home safely and securely, without having to leave? Solution Mortgages would like to introduce you to SYH Charterhouse, who offers a Home Reversion plan that allows you to stay in your…
Interested in Home Reversion Plans?
Ask yourself the following:- If you were able to stay in your home for the rest of your life, would this be of interest to you? There is a product that enables you to stay in your home for life and still release a generous cash lump sum. This involves selling your home and renting it back at a greatly…
Need a Home Reversion Plan?
Home reversion plans can be arranged through Solution Mortgages. Most of our customers have encountered the following issues:- Unable to find suitable terms for a new mortgage Struggling with mortgage repayments now that they are paying the Standard Variable Rate Coming up to retirement with a lump sum to pay off In retirement and unable to pay off their mortgage…
Benefits of Home Reversion Plans
Please see below the list of benefits of Home Reversion Plans through Solution Mortgages:- Minimum property value £75,000 No maximum release amount Minimum age 50 for single applicants, 45 for joint applications when other applicant is 50+ Ex-local authority properties accepted Both rental and rent free options available All properties accepted subject to survey Home Reversion Plans provide a Lifetime…
Mortgage products not around for long
The average time a new mortgage product is available at the moment is 2 weeks. This is down from 30 days in 2007. Some deals are disappearing in the space of 6 days especially when their are changes to the base rate. Banks and building societies are having to constantly monitor their products due to the current uncertain market. Regardless…
Need a secured loan?
Are you in need of a secured loan? A secured loan is designed for homeowners only and allows you to use the equity in your property as security. The equity in your property can be unlocked and turned into cash to be used for virtually any reasonable use. Unlike a remortgage with the majority of secured loans there are no…