Retired homeowners can move home thanks to Equity Release
Retired homeowners who have been dreaming of moving home but face the difficulty of financing that move are being offered a solution; and that comes in the form of Equity Release.
With the cost of moving increasing - a 2008 survey by Propertyfinder.com reported that the average cost of moving home in the UK has more than tripled since 1998 to almost £9,500 – the expenses can sometimes make moving impossible.
Geoff Charles of award winning equity release specialists Bower Retirement Services (http://www.brsequity.co.uk) says, “Legal, estate agents’ and surveyors’ fees; Stamp Duty; searches; removal and storage costs; mail re-direction and any repairs needed to the house you are buying or selling all add up to a considerable amount.”
Homeowners also face difficulties if the property they want to move to is of higher value than the one they currently own.
However, there is a solution, says Geoff Charles: “Providing you are over 55, you could raise cash to cover your moving expenses and any deficit between current and new properties by releasing equity from your home. By taking out an equity release plan you can use the value that you’ve built up in your home over the years to obtain a tax-free cash sum which will allow you to make the move that you’ve been dreaming of.”
Whether releasing cash to cover moving expenses or to facilitate a move to a higher value property, in both cases homeowners may opt for interest only or even no monthly repayments and the cash release is not relative to their income or credit status.
In summary, Geoff Charles, whose company is a founder member of SERA, the Society of Equity Release Advisers, says, “If you have been dreaming of moving home, for whatever reason, and thought you couldn’t afford it, it’s time to think again. Equity Release could well be the solution that gets you that new dream home nearer to your family, the seaside, the countryside or wherever you want to be!”
Photo:
http://www.prlog.org/
