People who own a property with little or no mortgage have what is termed as 'equity'. Equity can be calculated by subtracting the mortgage amount from the value of the property. If there is no mortgage on the property, the total amount of equity that the homeowner has is equivalent to the value of the property. This equity is tied up in the property and can be accessed through the process of equity release.
One of the most common forms of equity release is the lifetime mortgage. The lifetime mortgage is a loan that is secured against a property. This mortgage does not require any repayments during the lifetime of the homeowner. It is normally repaid when the homeowner dies or is no longer capable of remaining in the property. The property is then sold to repay the initial loan amount and the accumulated interest.
The money obtained from lifetime mortgages can be used for many different purposes. It can be used to meet the daily living expenses of the homeowner. It can also be used to finance a vacation or to purchase a dream car. One of the most common usages of the money obtained from lifetime mortgages is home improvements. Releasing equity can be used for redecorating, or for obtaining a new suite or kitchen. However, for some homeowners who have become disabled and are no longer able to use their entire house, releasing equity for a stairlift is one of the best applications for a lifetime mortages.
A disability can make it very difficult for homeowners to be able to fully use their entire house. They may not be able to get upstairs. A stairlift gives them the mobility that they require to get upstairs and to be able to fully utilize their whole house without having to rely on other people.
When releasing equity for alterations to a property due to a disability, homeowners should always check with the local authority first since that they may be some entitlement to local government finance to assist. It is also advisable for homeowners to consult an equity release adviser to make sure that they are choosing the right equity release plan that will be able to meet their needs and requirements. Don't suffer in silence if mobility at home is an issue as there are solutions, with equity release schemes being one of them.
