Hodge Equity Release Lifetime Mortgage Quote

To find out more about Hodge Equity Release Lifetime mortgages and the other leading equity release schemes on the market, Click on the image below to complete the Equity Release Quote request form and an equity release specialist will be in touch to offer you independent help, advice and quotes.

For those aged 55 or above the prospect of  retirement when asset rich but cash poor, can seem daunting. In this situation a Hodge Equity Release Plan can enable you to release some of the value in your home to help ensure a more secure financial future
To be eligible to take out a Hodge Equity Release mortgage you need to be:

• Aged between 55 and 85.
• Own a home worth at least £60,000.
• Considering raising at least £10,000.
• Mortgage Free (a small mortgage can however be repaid by the equity you release).
• The owner of a freehold property or leasehold property with more than 75 years to run.
• Living within your property without tenants or others with rights under the Rent Act.
• Living in a home that is in good repair (however an equity release plan could assist you to carry out essential repairs to your property).

Hodge Equity Release mortgages allow you to access some of the equity within your home by releasing a cash lump sumwhich you are free to use for any purpose you wish. You may need to undertake home improvements,  make essential repairs or just wish to enjoy life more by enhancing your standard of living. The choice is yours.

Hodge Equity Release is able to provide a cash lump sum through the following lifetime / equity release mortgages

Hodge Equity Release Lifetime Mortgage Option

With this plan a cash sum is provided, which you may spend as you wish (subject to repayment of any existing mortgage). For as long as you live and so long as you continue to occupy your home, you need not make any repayments on the lifetime mortgage loan. Loan interest is charged at a fixed rate, calculated daily and added to the lifetime mortgage loan each month.

Hodge Equity Release Flexible Lifetime Mortgage Option

This lifetime mortgage is secured on your home and is repayable from the proceeds of the sale of your home. In addition to an initial lump sum, a  pre-approved Cash Reserve facility is provided, from which you may make further withdrawals. The initial lump sum must be at least 15% of the total facility (minimum £10,000). Subject to eligibility, the maximum initial amount available is £100,000 (amounts in excess of this may be considered on referral). Future withdrawals of at least £2,000 may be made from the Cash Reserve at any time up to the fifteenth anniversary of the plan, until the whole facility has been drawn.

• The Flexible Mortgage Option can be arranged for either one or more people, who own and live permanently in their own home, which is located in England, Scotland or Wales. Plans are available to couples, relatives or friends. N.B. Where there are two or more applicants, the property title must be held in joint names.
• The property must be in sound condition, of standard construction, and worth at least £100,000. If any essential repairs are identified when the property is inspected, release of the initial cash sum (or an appropriate part of it) may be withheld until they are complete.
• If the property is leasehold, there must be at least 75 years left to run on the lease.
• If there is an outstanding mortgage or charge, it must be low enough to be repaid from the cash sum expected at completion, unless redeemed earlier from your own funds.

THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS,
ASK FOR A PERSONALISED ILLUSTRATION.