House Sales Information December

What is Equity Release?

There are several mortgage options an individual has when they are considering purchasing a home, refinancing, and of course obtaining the equity they have collected in a home.  If you already own a home and have been paying a mortgage down for a few years you have built up something called equity.  Equity is the difference between the value of the home and the amount of mortgage you have left.  In other words if your home values at £200,000 and you have £100,000 left on the mortgage that amount of equity you have in your home is going to be £100,000.  Since lenders allow you to borrow up to a certain amount against the house you own you are able to get some of the equity out.  You will find that during the current market issues many of the lenders are only allowing 75% to 90% of a home value to be obtained for a mortgage.  This means that you would not be able to take the entire amount of equity from your home.  When you apply for an equity mortgage what you are really doing is applying for an equity release.  An equity release is a mortgage that has been designed to release a certain amount of equity to you.  There are a couple of different ways you can structure an equity release that we will explain below.

First of all it should be mentioned that the equity release is for retirement.  In other words not just everyone can have an equity release mortgage.  You are asking for an equity release at retirement to be given tax free cash to help supplement your income.  The two plans available for equity release are lifetime mortgages and home reversion plans.  You will find that with equity release you are safely obtaining a little extra cash to help you supplement your income, you can spend the cash as you need it, there are no monthly payments, and you are able to stay in the house for the rest of your life.  You may even pass the house onto your children.

The thing about an equity release is that you are obligated to pay the amount of the mortgage back, but this obligation does not come until you sell the house or until your death.  At the event of your death the lender will either ask for the funds or ask that the house be sold.  This means that your beneficiary is going to be responsible for ensuring the return on the loan amount.  The good thing about an equity release is that you are able to have the money without interest or any monthly payment.  As many retirees suffer from a smaller income that can make keeping a house impossible the equity release option can do a great deal.  It is best that you choose the equity release option only if you have paid off any existing mortgages.  After all it would not do to have one mortgage you are paying off with the other.

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Selling my home saved my self esteem

I decided to sell my home because I wanted to pay back my loans and debts that are long pending. The interest rates were so high that most of my income went off as interest repayments. I have decided to marry next year and at this rate I don’t see how I can even meet my marriage expenses. After a lot of thinking and calculation, I decided to sell my home for a good profit and repay my loans as quickly as I can. With a sizable profit, I can even set back an amount to meet my marriage expenses and also as my future investments.

But how can I get a good buyer?  After careful thought and some very good advice from genuine friends, I decided to contact a home buyer who is trusted over the years with good turn around and credentials. I approached them with my ‘sell my home’ project. Although it might sound odd, I was a little emotional and even feeling so sad to sell my home. But then practical thinking and action is needed these days otherwise, we are the ones to meet and experience the dire consequences of loosing the home for good.

Holding on to the ancestral home when actually the life boat is sinking, is like allowing oneself to be drowned. I firmly decided to sell my home and contacted the home selling company without much delay. I visited and discussed my need to sell my home, what I expect etc., with the consultants and then gave them the home details. They fixed a rate after evaluating the home and then after some adjustments they were all set to find a buyer for my home.

The company took this ‘sell my home’ project very seriously and quickly found a possible buyer who suited my need. The legal formalities and other paper work went on smoothly and in no time, I was debt free and also a few hundred dollars richer. Now I am all set to find my dream bride and get engaged as soon as possible. My decision to sell my home was the best thing that ever happened to me and it is a great relief after all to be debt free!  Now, I was even able to save a little from my income which previously was taken off as interest on loans. I wondered how much poorer and even bankrupt I might have been if I had not taken this drastic step to sell my home.