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Questions and Answers Pertaining to Equity Release on Property
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Posted On :
Nov-18-2010
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Article Word Count :
522
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The article lists the most commonly and frequently asked questions and answers pertaining to equity release on property. If you have any such question, a reading of the article will surely solve it.
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It is good for you to get your queries solved when you step up to make a financial transaction or deal. If you have any doubt in mind, get it cleared off with the help of a financial expert. It will not only give you a sense of satisfaction but also remove the fear of being duped. It is similarly important to avail answers to your questions, if you are about to seek equity release on property. Don't keep a lid on them. Just let them out of your mind.
One of the most common questions, asked by equity release seekers is how long it takes usually to release money from the locked equity fund of the property. Generally, the scale of time varies with equity release providers. The period of time ranges from six to eight weeks in case of a lifetime mortgage and from eight to twelve weeks in case of a home reversion plan from the day of application for equity release on property.
How much the minimum amount is to be released, is one of the frequently asked questions. Different equity release providers give different answers to this question as the minimum amount varies from one provider to the other. It also depends on equity release scheme types. Some schemes will help you release money to the maximum while you can release the minimum every month with some other schemes. Lifetime mortgage schemes can get you a hefty lump sum from the home equity.
Another common question that you must ask the equity release providers is how much an equity release plan or scheme may cost you. Various fees are associated with taking out a home equity release scheme. Valuation fee, solicitor fee, advice fee and application fee are a few common fees. The amount of these fees for taking an equity release plan varies from one provider to another. You had better consult your advisor to have an estimate of these costs.
Safety is a chief concern when the matter is a financial or finance related deal. If equity release on property is safe or not is the most important question to ask equity release providers. Releasing equity is a safe option to liquidate the accumulated value of your residential property. The equity release market itself is the watchdog to keep a watch on the equity release scheme providers.
How old a man should be for equity release on property is a question of many homeowners. Equity release is elusively meant for senior citizens or the retirees. The homeowners who are 55 in age can go for lifetime mortgage plans and home reversion schemes are for those who are at lease 65 in age. Age of the equity release seekers is one of the eligibility criteria for equity release on property.
There may be some other questions than the above mentioned, agitating your mind. You have better make a list of all possible questions to be asked to equity release providers. Advanced preparation will pay off by keeping you focused on your queries.
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Article Source :
http://www.articleseen.com/Article_Questions and Answers Pertaining to Equity Release on Property_42311.aspx
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Author Resource :
Ryder Smith is a content writer on equity release on property . He has good knowledge on equity release providers . For more information he always recommends you to visit http://www.therightequityrelease.co.uk/ .
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Keywords :
Equity release providers, Equity release on property,
Category :
Finance
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Mortgage
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