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You must be 55+ to qualify for Equity Release.
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  • Release up to £500,000 TAX FREE - Equity release is, in a nutshell, a way to unlock the value of your property and turn it into cash which lets you access – or 'release' – the equity (cash) tied up in your home, if you're 55+.
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Pure Retirement Equity Release Review

In later years, you may require more funding to achieve your retirement goals. These could include activities such as home renovation, catering for medical expenses, helping children out with their mortgages, or even taking a family holiday. With other sources of borrowed funding being rigid or demanding of monthly payments, equity releases come in as an ideal funding option that enables you to cash in on the value of your property while still retaining ownership.

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Pure Retirement Equity Release

Pure Retirement is an equity release provider based in Leeds, offering lifetime mortgages to qualified applicants through their financial advisors. With a lifetime mortgage, you are given your property’s equity (the value of your house after deducting any outstanding mortgages) in the form of cash, which will be repaid after the sale of your home when you pass away or move into long-term care.

The mortgage can either be given as a lump sum or in the form of a drawdown. The lump sum gives you access to the cash amount as a one-off payment. With the drawdown, you have the option of getting a one-off payment, after which you can set up a reserve from which to draw down as required.

With a lifetime mortgage, no monthly payments are expected from you. The interest accrued each month is rolled over onto the total loan amount to be repaid at the end of the contract. Some lifetime mortgages have the option of interest repayment, where you can choose to pay off all or a portion of each month’s interest. Such a possibility gives you control of your loan, preventing the total loan amount from growing.

Eligibility for a Lifetime Mortgage

To qualify for the Pure Retirement equity release, you should be not younger than 55 years and not older than 88 years. In the case of a joint application, the youngest member must also be between 55 and 88 years.

You must also be a citizen of the UK and own the home you wish to draw equity from. Once you have submitted your application through an advisor, they will conduct an assessment of your home and inform you how much you qualify for. If you have any outstanding mortgage on your property, you must first clear it before you can receive the lifetime mortgage. The loan you receive can be used to settle the mortgage at the start of the contract.

Other Features of Pure Retirement’s Lifetime Mortgages

A No-negative Guarantee

A no negative guarantee ensures that regardless of the market fluctuations, you will never owe more than the value of your home after it has been sold at a reasonable market price. This is to prevent instances where after you have passed away, your beneficiaries remain in debt if the value of the house is not enough to cover the loan amount.

Inheritance Protection

Some products have an inheritance protection feature, which allows you to exclude a certain portion or amount of property from the deal. This allows you to leave a portion of the property as inheritance for your loved ones.

Early Repayment Option

The early repayment option gives you the chance to pay off a certain percentage of the loan amount at the beginning of each year without incurring early repayment charges. With a standard lifetime mortgage, early repayments are charged a certain percentage of the total loan amount.

To compare Equity Release providers click here and complete the short form.