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Equity Release

Learn More About Equity Release Options

Equity Release mortgages are not like residential mortgages. They help you secure a loan against the value of your property. In these guides we outline what makes them different, the eligibility criteria and help you decide if it’s an avenue you would like to pursue. It’s a way to free up money in your later years, but with many factors influencing the loan, it’s good to learn as much as you can from qualified mortgage professionals.

Posted On: January 25, 2022

Can I Release Equity To Pay Off Debt?

If you’re over 55 and have debts you want to pay off, you may wonder if equity release could be a good solution. In this guide, find out if you can release equity to pay off debt.

Equity release can be used to pay off debt, but it’s best to speak to a mortgage advisor first. They will be able to review your financial situation in detail and look at all your options. If you are struggling with debt, it’s important to reach out for support and advice. Securing any mortgage is a big commitment and an equity release plan shouldn’t be signed up to without understanding how they work and what the terms and conditions are.

One thing to bear in mind is that outstanding debts can impact the amount an equity release provider may be willing to lend. An advisor can calculate how much equity is available on your property and estimate how much lenders are likely to offer you. If the equity isn’t as much as you’d hoped, your advisor can discuss other options with you. If you have an outstanding mortgage, you can also look to remortgage to help keep your costs down and pay back some of your debt.

Advisors can also evaluate your spending habits to see where you could reasonably cut down on your monthly expenses or look at other ways you could make some cash.

Aside from repaying mortgages and unsecured debt, popular uses of equity release include: paying for home improvements, supplementing income, purchasing a second home and helping family.

Book your equity release consultation today

At Agentis, we have equity release mortgage experts with years of experience securing the right plan for older homeowners. Speak to us today to arrange your initial consultation and get on the right track to reducing your debts, or even become debt-free.