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How to borrow against the equity on home?
Asked by unknown
1 Answers
It depends on the appraised value of your home. Your first step is to visit your local bank and ask them about a Home Line Equity Line of Credit (HELOC). They can then walk you through the process with current rates, maximum amount you can borrow and the terms of the loan.
What is equity release and how does it work?
Asked by unknown
1 Answers
Equity release refers to a range of products that let you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.
How long does it take to release equity in your house?
Asked by unknown
1 Answers
An equity release application usually takes somewhere between 6 to 8 weeks for a lifetime mortgage scheme and 10 to 12 weeks for a home reversion plan, assuming the title on the house is clear. An Equity Release adviser will be able to help you to establish an estimated time frame when you make your initial inquiry.