Home Equity Release
are over 60, would like to release some of the value of your home without
having to move, an equity release loan may just be your cup of tea (or er,
coffee). The amount you can borrow is dependent on your age and the
value of your home.
You may wish to
Pay off an existing mortgage
Pay for house repairs and renovations
Upgrade to a new property
Repair or upgrade your car
Pay for health care
Educate your grandchildren
Buy a boat or holiday home
Whatever you want to do, we can help.
To fully ascertain your current financial position.
To look at your financial and lifestyle goals from the
point of view of how we can help you to reach these with the right
We deal with a lot of lenders. Home Equity Release
schemes or Reverse Mortgages are just part of the arsenal. These may
not be appropriate and being the well regarded brokers that we are, you
will be fully informed as to what is available to you, at what cost, so
that you can choose.
With Home Equity Release products, you may wish to
consult your family. We have processes in place for this and any
legal help you may require.
We recommend you talk with one of our consultants regarding
these options. It costs nothing to talk, you are under no obligation
and it may help you formulate what you want to do. Our service is
free because the lenders pay us, the beauty being that we deal with many
lenders and have no ties to any one of them.
Questions you may have;
Do I continue to own my property?
Yes, you still have full ownership of your property and can
continue to live in it for as long as you wish.
there any monthly, or in fact any, loan repayments required?
This type of loan is designed to last for the rest of your
life. It will usually be repaid only when you die or move into
long-term care. While you may make an earlier repayment with no
penalty, full repayment is only required in the event you die, go into
long-term care, or move from the house.
I move if I want to?
Of course, you are able to move house at any time and your
loan can be transferred to your new home provided it meets our lending
criteria. If you are contemplating a move, it's best that you contact
Do I need to get my house valued?
When we receive an application for a Home Equity Release
Product from you, we will arrange to conduct an inspection of your
property. This will be used to assess the value of your home.
You will be contacted in advance to arrange a suitable time.
will happen if between now, and when the house is sold, property prices
fall such that there is insufficient funds to repay the loan?
An important feature of the Home Equity Release Product is
what we call a Loan Repayment Guarantee. This means that when you are
no longer living in your home and your house is therefore sold to repay
your Home Equity Release Product, the loan repayment will be limited to the
net sale proceeds of your property.
there be any residual value in the property following the repayment of the
This will depend on the amount borrowed and the future growth
in the value of the property provided as security for the Home Equity
Home Equity Release sounds good and maybe what I want. Do you
also look at alternatives for me?
Yes. Our responsibility as NZMBA (New Zealand
Mortgage Brokers Association) brokers is to examine your total situation
and come up with as many solutions as are available. The Home Equity
Release may not be your best option in your circumstances. At the end
of the day we have access to a wide range of experience based solutions.
Websites you can refer to:
Talk to our team on 09 410 6023 or 0800 005 066 or
choose who you would like to deal with from here.