Do Young People Qualify for Equity Release
Many people have equity release mortgages in order to unlock the value of their home. If you are a senior and want to free up some cash, then this type of loan may be perfect for you. But what about if you are not yet 65? Can young people get equity release loans? The answer is yes! Equity release has become more popular with younger generations because it can help them accomplish many things like pay off student debt or even go on a long-awaited trip around the world.
With an equity release, you can borrow up to 50% of the value of your home. The loan is repaid over several years and then when you die or sell your property, any remaining outstanding balance is written off by the lender.
This type of mortgage lets homeowners access cash from their house without having to move out. This means that they are able continue living in it for as long as possible while paying less each month on repayments than they would with a typical mortgage payment plan. Plus, if something happens before they pass away such as becoming unable to live independently due to illness or injury -they have no need for worry because there will be someone around who has power of attorney so that everything can still get done according to their wishes.
Some of the benefits that come with an equity release are: no need for a large deposit, flexibility to repay at your own pace and opt-in or out when you want (you can also switch between fixed and variable rates), ability to keep living in your current home until it’s time to move on without having to worry about mortgage payments, interest is tax deductible if you meet certain conditions related to age and residency status.