If you are over 55 and own your property then Halifax equity release could give you the financial freedom to unlock some of the value that is locked up in your home. However, this can come with a number of risks and you should seek financial advice before making a decision.
There are two main types of equity release Halifax offers – lifetime mortgages and home reversion plans. Lifetime mortgages allow you to borrow against the value of your property whilst still retaining ownership of the home and will be repaid when you die or move into long term care. Home reversion plans involve selling a share of your property to a provider in exchange for a lump sum or regular payments. Each type of equity release has its own benefits and drawbacks, so it is important to weigh up the pros and cons carefully before deciding on a plan that best suits your needs.
Financial Fresh Start: How to Remortgage with Bad Credit and Improve Your Home Financing
Some people choose to use a halifax equity release scheme to pay off debts, fund home improvements or help family members. Others may be able to get better value from their investments and savings instead of an equity release scheme, and this should be explored fully with the guidance of a specialist adviser.
It is also worth considering downsizing as an alternative to a halifax equity release plan. This can provide a fresh start and may also save you on stamp duty, estate agents fees, mortgage application costs and conveyancing fees.