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griff | How do i release equity from my mortgage/home? |
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redwine
 |
refinance is the best way of doing it, but don't overextend yourself. If it is for a short term project that you will pay off quickly, a home equity loan is probably a faster easier process. tba |
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Yoyo
|
Re-mortgage I think, you need to speak to your bank |
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ronidl76
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You can get a home-equity loan, if you have enough equity. Refinance for the value of the home, and ask for the difference. If you owe $100,000, and your home is worth $150,000, refinance for $150K and get $50K cash from the mortgage lender. If you really, REALLY need the cash, then go for it, otherwise, you're digging yourself into a really deep hole. |
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Arsenal
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Unless your reaching pensions age (when special schemes are available where the money is not paid back until youre dead), you release it if you sell and do not buy another house or have some left over if you downsize. Otherwise you have a secured loan and pay it back. |
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resignedtolife
|
I have heard that equity release schemes are quite dangerous. Please look into it carefully and don't do it unless you absolutely have to. I suppose it makes a difference whether or not you have children to leave your home to. |
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simplesimon
 |
Equity release is a genius marketing term for remortgaging. Remortgaging conjures all sorts of visions of borrowing more money against the value of your house... where as equity release sounds pleasing, and a logical way of getting the money you own already!
Alas, it is actually borrowing more money against your house. All lenders will consider this for you you, look on moneysupermarket.com for a few ideas...
Bear in mind you will be repaying more on your mortage monthly than you do now, and, in the long run, you will be repaying much more than you borrow.
Despite the sexy name - these are largely for people in need of cash, without any other way of raising it than further borrowing. I would make sure you really need it before considering a remortgage (sorry, equity release). |
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Bigpathome
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Equity release in the UK is a well established industry. What you need to do is to make sure that the Buy and Rent back company that you choose give you as near to the market price as possible.
I can thoroughly recommend Sell to Stay as a company that will give you 80% of the market value of your house. They specialize in getting your money to you quick - they have completed in 14 days before now!
Give then a look at http://www.sell2stay.com
Best of luck Bigpathome. |
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bud68
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You can borrow against the equity with a loan, but you can't "release" it unless you sell. |
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TallPaul
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You have no real equity, unless you would like to be homeless. You can borrow *against* your home, but it is just *borrow*. |
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wrkey
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I'm not sure what you mean by 'release equity'.
Equity is the amount of value in a home beyound the current debt on the home. For example, let's say your home is valued at $200,000 and the outstanding principle of your home mortgage is $150,000. This gives you a $50,000 equity in your home.
Some confuse this with the money used by the mortgage company to pay for things such as Taxes, insurance, PMI, etc. This money is recalculated on a yearly basis and collected over the next year of payment to pay for the items at the start of next year. For example, if your insurace is $4,000 and the annual taxes are $7,000 and your have a PMI policy with a premium of $1,000 per year, that gives you a total of $12,000 to be paid. This amount is then broken up over the year of payments ($1,000 a month) and added to the principle and Interest payments to get your total monthly note. This money is essentially 'untouchable' because it's already directed to pay for upcoming expenses. If you sell the home, then any 'unused premium' or taxes will be refunded at closing.
With this information, please elaborate on your question and I'll try to help. |
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