Taking out a home equity loan has become increasingly popular with people from all walks of life who want to make the most of their retirement. Here we take a look at some of the benefits of taking out a post equity loan and what it can do for you…
Lower Interest Rates
One of the most appealing aspects of taking out equity against your home instead of a normal loan is the fact that interest rates tend to be a lot lower than taking out a normal loan. You only pay for the amount you take out against your home as well as the interest making it a much more cost-effective means of taking out a loan than through other conventional means like banks.
This is probably one of the most appealing aspects of taking out home equity. The taxman does not care what you call your home loan – he will always allow you to deduct the tax from it. Any cash that you borrow to fix up, buy or purchase your home with is tax deductable. Not convinced? One of our experts will be able to help you realize how easy this really is.
Your Mortgage is Left Alone
We all know that home loans are the biggest expense many people will face in their lives. When taking out a second home loan one of the biggest advantages is the fact that your original home loan stays the same. So if you have been your home loan off for a while, more of your payment goes to your principal making it easier to pay off your home loan faster. If you are interested in getting rid of debt this is an important consideration as it allows you to live the life of your dreams in a stable manner.
Extended Payment Terms
On the other hand, you could be interested in paying your home loan off over a longer period of time for whatever reason. Perhaps you need the cash because of an emergency in the family – whatever the reason, equity release can help you pay off your home loan over a longer period without extreme interest.
Improve the Value of Your Home
Maybe you need the cash to do renovations on your home. We all know that home improvements increase the value of a property so it makes sense to take out a loan against the home in order to improve the value of your home. Equity release is one of the easiest ways to do this. It is also one of the cheapest as you do not have to deal with exorbitant interest rates.
Live the Life You Worked Hard For
With the global economic downturn you are lucky to have your home as it is. You are in your golden years and have worked hard to get where you are. If you want to do something just for you to improve the quality of your life there is no reason why you should not consider using equity release to get it. It is your home after all.
Need cash? Have a home? We can help you take out equity at the best rates!